Banks could be on a collision course with shareholders over how they report the effect of the Government's bonus tax in their annual results next month.
The banks, which all pay their bonuses over the coming month, will also pay a tax equivalent to 50 per cent, and leading investors have said they expect them to spell out how much that figure will be.
But bank sources questioned by Financial Mail said they saw no reason why the details of the tax bill should be declared. One said: 'We have never spelt out how much we pay in National Insurance for our staff and I can't see why this would be any different.'
It's a lack of transparency that lets bankers shift the burden of their abuse on to shareholders and then on to pension funds and then on to you and me.
We must have massively increased transparency now.
Country-by-country reporting is part of this.