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Reinfeldt to G20: 'Cap bank bonuses'

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Reinfeldt to G20: 'Cap bank bonuses'
07:34 CEST+02:00
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.

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