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

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

Excess deaths increase but we are ‘still in the dark’

The data shows 17 000 more people have died than usual since May, but only 6 000 deaths have officially been attributed to Covid-19

A fishy business: How an Icelandic multinational moved profits out of Namibia

Global food companies avoid paying taxes by shifting profits around the world. Finance Uncovered reports on the case of Icelandic fishing giant Samherji’s operations in Namibia

The orchestrators of the world’s worst humanitarian crisis in Yemen

As the crisis continues to unfold, the biggest threat may be the vested interest in maintaining the civil war Therefore, with no end in sight to the conflict plaguing the nation, the question worth asking is: who benefits from a Yemen at war?

Revolutionaries turn to healthcare

After ousting a dictator, members of Sudan’s resistance committees are now helping to fight the Covid-19 pandemic

How Mauritius beat the pandemic

Despite containing Covid-19, it will be some time before normal life resumes — and some measures will be written into the law

Connected economy is a strength

The global nature of modern trade is a vulnerability, but it will also be a valuable tool to aid in our recovery

The PPE scandal that the Treasury hasn’t touched

Many government officials have been talking tough about dealing with rampant corruption in PPE procurement but the majority won't even release names of who has benefited from the R10-billion spend

ANC still at odds over how to tackle leaders facing...

The ANC’s top six has been mandated to work closely with its integrity committee to tackle claims of corruption against senior party members

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday