Salary reporting regulations for banks

The Bank of Portugal has issued a new reporting regulation for the top brass of financial institutions that will have to report fat cat salaries.

The supervisor in Portugal is following the lead of the European Central Bank on reporting the salaries of senior management figures.
According to the ECB managers who have annual incomes equal to or over €1 million for the tax year under the terms of the General Regime of Financial Companies and Credit Institutions will have to be reported.
The new regulation was preceded by a period of public consultation that took place between May 26 and July 10, 2023.