Quotes (translated from French):
“The Commission is also monitoring the situation in third countries to ensure a 'level playing field' internationally. The report published in October 2011 by the FSB on the implementation of the principles and standards on compensation reveals differences of interpretation and application of these principles in the various jurisdictions of the G20. The differences specifically include identifying people who have an impact on the risk profile - people who are subject to the FSB's regulations, as well as our own.
Following this report, the FSB is in the process of putting in place a mechanism to identify potential barriers to the implementation of new principles, and to address complaints that may arise in different jurisdictions.
The role of shareholders could also be strengthened through a vote of the General Assembly on executive compensation. This option has already been the subject of consultation in the Green Paper on the general framework of corporate governance, published in April 2011. This would not necessarily be specific to banks, and would cover all listed companies.”
Full speech (French only)
© European Commission
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