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Cable has, however, ducked the issue of remuneration committee reform.
"They did not cause the crisis and are an entirely legitimate form of remuneration".
Pirc says: "[This] overall level of remuneration is potentially excessive in our view".
In the lingo of remuneration consultants, the problem was "the quantum".
Two years ago, a record number of remuneration reports was voted down by investors.
These include a requirement that the provider of remuneration advice to the company be identified.
"Focusing on headline pay alone can lead to missing out an important part of remuneration.
In spite of these very high rates of remuneration, the drivers are not great navigators.
One important issue not being addressed, he said, is the make-up of remuneration committees.
Ninian said: "The increasing complexity of remuneration structures has been the driving force behind these issues.
The level of remuneration currently paid to their traders and executives surely shows they could afford it.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com