A powerful US union has again submitted a shareholder proposal for an advisory vote on pay at Morgan Stanley as John Mack, the bank’s chairman and chief executive, said he would forego any bonus for last year.

The American Federation of State, County and Municipal Employees pension plan, whose members participate in public pension funds with combined assets worth more than $1 trillion (€678bn), has proposed that Morgan Stanley’s board hold an advisory vote on executive pay at each annual shareholder meeting.