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Reinfeldt to G20: 'Cap bank bonuses'

Published: 18 Sep 09 07:34 CET | Print version
Online: http://www.thelocal.se/22152/20090918/

Swedish Prime Minister Fredrik Reinfeldt succeeded during a summit in Brussels on Thursday in convincing European leaders to agree to push for limits on bonuses for bankers and for faster movement on climate negotiations.

Ahead of the meeting, Reinfeldt made it clear that he wanted to reign in the lavish pay packages of financial executives.

"I think we need a cap for the bonuses, as part of your income, or part of the revenue of the company you are working (for) or part of the income of that company," he told reporters.

"I hope to see a European agreement on this. We of course know that (the) United States is very often against this idea. It's not the only regulation that needs to be done."

Reinfeldt also urged international partners to raise the bar on negotiations over funds to find global warming.

"It's time for a wake-up call to world leaders on climate," he said as he arrived for a European Union summit in Brussels.

"We really need to step up, stop the acting and start delivering action.

"The negotiations are going too slowly. The (emissions) reductions targets presented by different countries are not enough for us" to meet a target to keep global warming at no more than two degrees Celsius above historic levels.

"We need increased effort and we need to discuss financing" of contributions towards developing countries' share, both towards 2020 levels and also in the run up to the expiry of the current Kyoto protocol, which expires in 2012.

In a communique issued at the conclusion of the summit, the EU leaders outlined their common positions on both issues head of the G20 summit.

Specifically, EU leaders agreed that bonuses should be "set at an appropriate level" relative to fixed compensation and make them dependent on the performance of the company or business unit.

The G20 summit, to be held September 24-25 in Pittsburgh, Pennsylvania, brings together the finance ministers and central bank governors of 19 countries, as well as European Union.

External link: EU leaders' agreed language ahead of the G20 »

AFP/The Local (news@thelocal.se)

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11:22 September 18, 2009 by Jan M
An article intended to maximise the sense that Fredrik is persuading Europe to follow his lead. In reality he is merely in tune with Sarkozy, Merkel and the main European powerbrokers. What is worrying though is that the consensus that bonuses need to be regulated is strongest in Europe but just look at the quality of the agreement::-

Specifically, EU leaders agreed that bonuses should be "set at an appropriate level" relative to fixed compensation and make them dependent on the performance of the company or business unit.

There is enough wriggle room in that statement to ensure that things can continue exactly as before. Essentially meaningless. There is no active regulation or intervention proposed anywhere in that statement.

Now turning attention to the second topic which was regulating emissions and controlling climate change. I am not clear what the following statement means:-

"We need increased effort and we need to discuss financing" of contributions towards developing countries' share, both towards 2020 levels and also in the run up to the expiry of the current Kyoto protocol, which expires in 2012.

Is this a plan to pay countries to control their emissions and if so how do we get value for money and how is to be policed. Given that countries like China and India are massively increasing emissions as their economies expand we would effectively have to pay them a handout equivalent to their projected GDP increases to stop this from happening - assuming they didn't just take the money and run. Utter madness.
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