The Hellenic Radio (ERA): News in English, 09-09-18
From: The Hellenic Radio (ERA) <www.ert.gr/>
CONTENTS
[01] Brussels: Agreement to Push Bank Bonus Sanctions
[01] Brussels: Agreement to Push Bank Bonus Sanctions
News
Last Updated on Friday, 18 September 2009 11:27
During an extraordinary Summit held in Brussels on Thursday, EU leaders
agreed to press their G20 partners â in a meeting to be held on
September, 24, 25- to introduce "sanctions" against banks that hand out
excessive bonuses.
The EU bloc's stance is that bonus pay in the financial sector should
be tied to long-term performance and all G-20 members should support
cuts. Many believe that high bonuses led to high risk investments in
the banking sector and sparked the global financial crisis.
They also want to block the exercising of stock options over set
timeframes and end the insulation of top directors from fall-out when
banks fail, following a number of high-profile payouts to failed bank
chiefs.
News item: 26891
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