Daily Dispatches: bankers learn their bonus fate this week

Bank and insurance executives will learn this week how their multi-million pay and bonuses will be assessed under new rules proposed by the prudential regulator.

The changes to be announced by the Australian Prudential Regulation Authority are unlikely to be as severe as those that British and European regulators recently announced. Among the changes APRA has already suggested is that board appointed remuneration committees comprise solely of independent directors and that members of the committee have the expertise necessary to perform the role. (News.com.au)

ANZ Bank's former institutional boss Steve Targett, who is suing the big four bank for $57m, has accepted a much smaller role as head of the Bank of Beirut's operation in Britain. Bank of Beirut, the seventh largest lender in Lebanon, with earnings last year of $US66m ($73m) from $US5.8 billion in total assets, is dwarfed by ANZ's institutional division. (The Australian)

ANZ said today it has no material exposure to state-run conglomerate Dubai World. Commonwealth Bank of Australia wouldn't comment directly on whether it has an exposure to Dubai World, although a spokesman for the bank said "it's not appropriate for the CBA to discuss confidential client information". (The Australian)