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Fri 09 Sep 2009European leaders call for rules to rein in bank bonuses
THE LEADERS of Europe’s three largest nations, Britain, France and Germany, yesterday issued a joint call for “binding rules” to rein in bankers’ bonuses as the finance ministers of the G20 group of nations prepared to meet in London this weekend.
The joint letter from British prime minister Gordon Brown, German chancellor Angela Merkel and French president Nicolas Sarkozy signals that Europe is uniting behind specific proposals to link the size of bonuses to fixed pay and to bank performance over long periods. The three leaders also came out in favour of deferring awards and clawbacks in case of negative outcomes.
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