Brussels wants cap on bank bonuses

Article reports that bankers’ bonuses and golden parachutes would be capped in all European Union countries under a draft European Commission Recommendation, which mounts to one of the broadest responses yet to concerns about executive pay.

Calls for a tougher approach to remuneration policies have been widespread in the wake of the financial crisis, most recently at the G20 summit of world leaders in London, as resentment over perceived 'rewards for failure' has mounted.

EurActiv, 29.4.09: Brussels pushing to lower managers' privileges http://www.euractiv.com/euro-finance/brussels-pushing-lower-managers-news-221878

ESO: Background information: Sharp divide in public opinion on bonus culture http://www.europeansources.info/record/sharp-divide-in-public-opinion-on-bonus-culture/

ESO: Background information: Clash in Paris on executive pay curbs http://www.europeansources.info/record/clash-in-paris-on-executive-pay-curbs/

ESO: Background information: Bickering puts German executive pay bill at risk http://www.europeansources.info/record/bickering-puts-german-executive-pay-bill-at-risk/

ESO: Background information: Sarkozy to restrict traders’ rewards http://www.europeansources.info/record/sarkozy-to-restrict-traders-rewards/

ESO: Background information: Executive pay in Europe. Pay attention http://www.europeansources.info/record/executive-pay-in-europe-pay-attention/

European Commission: Press Release: IP/09/674: Financial services sector pay: Commission sets out principles on remuneration of risk-taking staff in financial institutions http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/674&format=DOC&aged=0&language=EN&guiLanguage=en

European Commission: Press Release: IP/09/673: Directors’ pay: Commission sets out further guidance on structure and determination of directors' remuneration http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/673&format=DOC&aged=0&language=EN&guiLanguage=en

BBC News, 29.4.09: Europe calls for bonus clamp-down http://news.bbc.co.uk/1/hi/business/8024401.stm

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