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| Version 1 | Version 2 |
|---|---|
| Deutsche Bank chief Ackermann fears 'social time bomb' | Deutsche Bank chief Ackermann fears 'social time bomb' |
| (40 minutes later) | |
| The chief executive of Deutsche Bank has warned of a "social time bomb" from wealth and income inequality. | The chief executive of Deutsche Bank has warned of a "social time bomb" from wealth and income inequality. |
| Josef Ackermann, who also heads the Institute of International Finance which represents the world's banks, told the BBC that bankers had a responsibility to be philanthropic with their bonuses. | Josef Ackermann, who also heads the Institute of International Finance which represents the world's banks, told the BBC that bankers had a responsibility to be philanthropic with their bonuses. |
| He is due to receive a partially deferred bonus of 8m euros (£6.6m). | He is due to receive a partially deferred bonus of 8m euros (£6.6m). |
| However, he said, he felt people in his position had to make a contribution. | However, he said, he felt people in his position had to make a contribution. |
| "We have a social responsibility, because if this inequality increases in income distribution or wealth distribution we may have a social time bomb ticking and no-one wants to have that." | "We have a social responsibility, because if this inequality increases in income distribution or wealth distribution we may have a social time bomb ticking and no-one wants to have that." |
| However, Dr Ackermann said he "preferred not" to talk about philanthropic gestures. | However, Dr Ackermann said he "preferred not" to talk about philanthropic gestures. |
| Pay disclosure | Pay disclosure |
| His comments come as an annual survey of chairman and non-executive directors, who sit on company boards, carried out by head-hunters Hanson Green and Directorbank found just 32% of chairman think the way top executives are paid is working. | His comments come as an annual survey of chairman and non-executive directors, who sit on company boards, carried out by head-hunters Hanson Green and Directorbank found just 32% of chairman think the way top executives are paid is working. |
| The survey of 298 chairman and 190 non-executive directors found 45% agreed with a proposal that the ratio of chief executive pay to average employee pay should be disclosed in company reports. | |
| Some 94% agreed that companies should have the right to claw back pay if performance changes over the medium term. | Some 94% agreed that companies should have the right to claw back pay if performance changes over the medium term. |
| The firms said that total remuneration for the average FTSE chief executive rose by 13% in 2011. | The firms said that total remuneration for the average FTSE chief executive rose by 13% in 2011. |
| The latest figures from the Office for National Statistics showed weekly earnings rose at an annualised rate of 1.9% in the three months to November 2011. | The latest figures from the Office for National Statistics showed weekly earnings rose at an annualised rate of 1.9% in the three months to November 2011. |