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G20 finance ministers and central bankers have agreed a series of measures to curb excessive bank bonuses, including spreading payments over a number of years, inserting clawback provisions in contracts and forcing financial firms to reveal high earners in annual reports.
Meeting in London at a summit chaired by Alistair Darling, the chancellor, the G20 finance ministers instructed the new Financial Stability Board (FSB) to come up with detailed proposals, some of which will be available in time for the G20 meeting in Pittsburgh later this month.
They deferred a decision on imposing caps on bank bonuses. Officials said caps on individuals bonuses had been rejected but that the Financial Stability Board would examine whether caps on institutions could be introduced, in line with French demands.
Stimulus to continue, G20 pledges
FINANCE ministers of the largest industrial countries vowed to keep their multi-trillion-dollar stimulus efforts in place, but at a meeting in London they failed to agree on any firm limits on the bonuses of bank executives - a sign of the deep rifts that remain between American and European leaders.
They did agree on a blueprint to raise capital requirements at banks to strengthen the world financial system as the recovery takes hold, a major goal of US Treasury Secretary Timothy Geithner.
Regarding the higher capital requirements, Mr Geithner said in London that his goal was to reach a final agreement on the new standards by the end of next year.
Mr Geithner said that while concerted action by central banks and governments had ''pulled the global economy back from the edge of abyss'', he added that ''conditions for a sustained recovery led by private demand are not yet established''.
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