Downing Street Says

» Friday, March 6, 2009

Bonuses

Asked about the Prime Minister s view on bonuses within financial institutions, the PMS said that the Prime Minister had been saying for some time that we would like to see agreement on some of the common principles underlying regulation of the global financial sector, and that would include seeking to reach agreement on some of the general principles that might underlie approaches to executive remuneration and bonuses. These were issues that many countries faced and we believed that there was an appetite across many countries for moving towards executive remuneration and bonuses in the financial sector that better reflected longer-term performance.

Asked if the Prime Minister hoped to get an agreement on bonuses at the G20, the PMS said that one of the issues we wanted to discuss with our G20 colleagues was the general issue of seeking to agree some common principles underlying financial sector regulation, and executive remuneration and pay would be part of that discussion.

Put that one of the issues would be to ensure that bonuses reflected long-term success rather than short-term success, the PMS said that different countries would implement it in different ways. In the UK the Financial Services Authority had said that in assessing the riskiness of a financial institution one of the factors they would take into account was its pay and bonus structure.

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Bonuses

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