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French government to push for overall limit on bonuses at G20
THE FRENCH government will later this week urge the Group of 20 (G20) leaders to consider strict curbs on banking bonuses, including a mandatory limit, ahead of their summit later in the month.
French finance minister Christine Lagarde will outline Paris’s proposals this Friday, when she meets with fellow G20 finance ministers in London.
The options she will put forward for debate include a maximum ratio of a bank’s income to be specified for variable pay packages, a tax on financial sector and a limit to the value of bonuses.
Last week, French President Nicolas Sarkozy referred to the “scandal of bonuses” as he introduced tough bonus rules in France and said that the other G20 nations must be prepared to discuss an overall limit.