Brown: G20 to agree global rules on bankers' pay

G20 leaders meeting in London this week will seek to agree global rules on remuneration in the banking sector, British Prime Minister Gordon Brown said on Tuesday.

“You will find on Thursday at the G20 that for the first time ever, the world economies will agree international rules for the remuneration of bankers,” he said two days before the crunch summit.

“In other words, every country will sign up to a set of rules that we and others will apply to the banking system,” he added, after giving a speech calling for a sense of morality to be restored to the global financial system.

“The difficulties in the past have led to us agreeing that there will be global rules in this area for the future,” he added.

Brown will play host to United States President Barack Obama and his counterparts from the Group of 20 leading developed and developing countries at Thursday’s summit.

The British leader emphasised the need for regulation to have a moral dimension during a pre-summit speech at London’s historic Saint Paul’s Cathedral, alongside Australian Prime Minister Kevin Rudd.

Rules for bankers’ pay was part of this, he said.

“Just as we are eliminating tax havens, we are trying to eliminate these bad practices by insisting that there are global rules and not simply rules that apply to one country and can be undermined in the next,” he said.—AFP

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