European Union caps bankersí bonuses

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Smarter Liberal

Minneapolis, MN

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#1
Feb 27, 2013
 
European Union caps bankersí bonuses

Source: Financial Times

Bankersí bonuses are to be capped at two times bankersí salaries and banks will be subject to a strict transparency regime, under a provisional EU deal that includes minimal concessions to cushion the most severe pay crackdown since the 2008 financial crisis.

In a serious setback for the UKís fight to head-off some of the remuneration curbs, the European parliament late on Wednesday night secured agreement on a mandatory 1:1 ratio on salary relative to variable pay, which can rise to 2:1 with explicit shareholder approval.

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The breakthrough in talks between the European parliament and Ireland, which negotiates on behalf of EU member states, paves the way to enact the so-called Basel III capital rules, an internationally agreed blueprint for avoiding another banking crisis.

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As well as a prized bonus cap, which would go into effect in January 2014, parliament also prevailed in requiring banks to reveal their taxes and profits on a country-by-country basis from 2015, as long as the extra transparency is not judged by the European Commission as an impediment to inward investment.

Read more: http://www.ft.com/cms/s/0/ba3a37f6-80f0-11e2-...
Cap Capitalism

Minneapolis, MN

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#2
Feb 28, 2013
 
We should do the same here.

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