G20 leaders discussed the possibility of a global statement regarding banker pay during yesterday’s meetings, coming short of an official line on the matter, according to Reuters. Possible measures discussed were specific pay caps and clawbacks of wages, as well as the payment of year-end bonuses in stock instead of cash. Key to the implementation of such new provisions is the input of the Financial Stability Board, which maintained a presence at the G20 conference. The FSB is advising G20 nations to prevent undercapitalized banks from offering large bonuses to its employees.
G20 Summit Sees Call for Banker Pay Reduction and Clawbacks
National representatives at the Group of 20 summit are discussing global policies on banker pay.
September 25, 2009