Labour will warn bumper City payouts are damaging the economy and wider society today as MPs (BSE: MPSLTD.BO - news) debate bankers' bonuses in the Commons.
The party will use on opposition day debate to insist bosses of banks shored up by the taxpayer must only be paid for "genuinely exceptional performance".
It was originally intended to force a vote on RBS (LSE: RBS.L - news) chief Stephen Hester's bonus of almost £1m for last year, until he decided to waive the shares-only payment.
The boss of RBS, which is 83% owned by the taxpayer, had faced growing calls to give up the handout after the bank's chairman Sir Philip Hampton rejected his own award.
The motion to be debated declares that executive remuneration that is stated to be based on performance should genuinely reflect results.
Labour also want employee representatives to be on remuneration committees of company boards as an extra safeguard against excessive payouts.
Shadow business secretary Chuka Umunna will demand a halt to what he calls the "culture of excessive bonuses" and for greater responsibility in the City and beyond.
He will argue that such lavish payouts have damaged Britain's economy and its society, as well as being bad for business.
All of the three main parties are vying to be seen as taking the lead in establishing what has been dubbed "responsible capitalism" in the wake of the credit crunch.
Labour believes that it has captured the public mood, amid popular anger at the perceived excesses of the City at a time of economic austerity.
But the party has also faced criticism that it is stoking anti-business sentiment which risks driving banks and other financial institutions overseas.
The Commons debate comes 24 hours after the boss of Network Rail said he will forego his annual bonus after a new row erupted over whether the Government could veto the payout.
Chief executive Sir David Higgins said he would put the money towards improving safety instead.
Transport Secretary Justine Greening had planned to take the unprecedented step of attending the company's annual general meeting on Friday to vote against rumoured plans to give Sir David a bonus worth £340,000.
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