Former City minister Lord Myners has warned pension schemes they must tell the banks over the next few weeks to curb the next bonus round, or face the consequence of more legislation and higher taxation on financial institutions - a threat manifested by comments made yesterday by Vince Cable, Business Secretary.

Speaking yesterday at a corporate governance conference in Brazil - the Congresso Internacional de Governance Corporativa - Myners, who was Financial Services Secretary to the Treasury under the Labour administration from 2008 to May 2010, said institutional investors needed to persuade politicians and regulators that they could be relied upon to behave as responsible owners of companies.