Will G20 leaders introduce remuneration limits in the banking sector?
As we approach the next G20 meeting it seems that top of the agenda will be the remuneration packages available in the worldwide banking industry. This has prompted Gordon Brown to put his "full weight" behind a campaign to limit future remuneration and bonuses in the UK financial sector as a way to control risk and control over spending. There is also a feeling that many other G20 members are also concerned about their own financial systems and may well be looking to place more pressure on banks and financial institutions around the world.
Whether this particular style of pressure would pay any dividends in the short to medium term remains to be seen because ultimately worldwide governments need the financial sector as much as the financial sector needs worldwide governments. There is a suspicion that many leaders are looking to curry favour with voters and try to restock their own popularity in their homelands when ultimately they know they will have little impact upon remuneration in places such as the UK.
It will be interesting to see what subjects are discussed at the G20 meeting because yet again this seems to be the kind of forum where many promises are made and few are followed through.
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