Bankers bonuses cannot exceed the fixed salary
The EU agrees to set a cap. Banks will be forced to publish their profits and taxes paid for each country.
FACUA.org
Europa-28/02/2013
The Irish Presidency of the EU and European Parliament negotiators reached an agreement on Thursday to set a cap on bankers’ bonuses, under which they cannot exceed the amount of the fixed remuneration.
Only if the bank’s shareholders warrant it, the bonus could reach a maximum of double the salary. This increase will require the vote of at least 65% of shareholders who control half of the shares represented or 75% if there is no quorum.
These limits are introduced at the demand of the Parliament on the new rule on capital requirements for banks, which translates into community law the Basel III international accord, whose objective is to prevent future financial crises.
Precisely, the caps on bonuses – which will come into effect in 2014 &n
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