The banking sector has made "remarkable" progress in improving how it remunerates staff, although still has room for improvement on how much it discloses to shareholders, a survey by a global association of financial institutions has claimed.

According to a survey by Institute of International Finance, which represents 420 financial institutions around the world, in collaboration with consultancy Oliver Wyman, banks have made significant inroads into changing the structure of rewarding staff in line with recommended guidelines.