Correspondent, Brussels
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Mar 6, 2013

Europe moves towards Swiss-style executive pay curbs

BRUSSELS/LONDON, March 6 (Reuters) – European officials,
emboldened by a victory over banker bonuses, will propose
legislation this year giving shareholders voting rights to
challenge executive pay at public companies.

Corporate largesse is under attack across Europe with
Switzerland last week voting to impose some of the world’s
strictest controls on executive remuneration amid public anger
at Wall Street-style excess in the country’s boardrooms.

Mar 6, 2013

Isolated Britain fails to avert EU bank bonus cap

BRUSSELS (Reuters) – Britain was left isolated in Europe on Tuesday after it failed to secure backing to water down new EU rules limiting bankers’ bonuses, a measure that could threaten London’s dominance as a financial centre.

The rules, which would limit bankers’ bonuses to the equivalent of their salary, or two times their salary if shareholders agree, are set to be introduced next year and would represent the toughest bonus regime anywhere in the world.

Mar 5, 2013

Britain’s Osborne set for lonely fight on EU bank bonus cap

BRUSSELS, March 5 (Reuters) – Britain’s finance minister
will have a first chance to challenge plans in Brussels to cap
bankers’ bonuses at a meeting on Tuesday, but he is unlikely to
find enough support from fellow EU ministers to block a measure
popular with voters.

European Union diplomats and the bloc’s parliament agreed
new rules last week that would prevent bankers from receiving
bonuses bigger than their base salaries from next year. The
bonus cap can rise to twice the size of the salary if
shareholders agree.

Mar 5, 2013

Osborne set for lonely fight on EU bank bonus cap

BRUSSELS (Reuters) – Britain’s finance minister will have a first chance to challenge plans in Brussels to cap bankers’ bonuses at a meeting on Tuesday, but he is unlikely to find enough support from fellow EU ministers to block a measure popular with voters.

European Union diplomats and the bloc’s parliament agreed new rules last week that would prevent bankers from receiving bonuses bigger than their base salaries from next year. The bonus cap can rise to twice the size of the salary if shareholders agree.

Mar 4, 2013

UK will find EU bank bonus cap hard to lift

BRUSSELS, March 4 (Reuters) – Some of the lawmakers who
achieved a European Union cap on bank bonuses wanted to
celebrate the deal with champagne, such was the symbolism of
tackling what they see as a root cause of the financial crisis.

In the end there was no toast to mark the agreement in the
early hours of Feb 28, partly out of sensitivity towards London
which sees in the new measures a threat to its place as a global
financial centre.

Feb 28, 2013

EU’s Barnier: banker bonus curb good for Britain

BRUSSELS (Reuters) – Britain should welcome a cap on bankers’ bonuses agreed by European Union lawmakers on Thursday as a fair response to taxpayers’ anger over the huge cost of rescuing imprudent banks, Europe’s top financial regulator said.

EU Internal Market Commissioner Michel Barnier said he did not believe the curbs would drive banks out of the City of London, Europe’s biggest financial centre, to less regulated markets outside the European Union such as Switzerland or Singapore.

Feb 28, 2013

EU clinches deal to cap bankers’ bonuses

BRUSSELS (Reuters) – Bankers in Europe face a cap on bonuses as early as next year, following agreement in Brussels on Thursday to introduce what would be the world’s strictest pay curbs, in a move politicians hope will address public anger at financial-sector greed.

The provisional agreement, announced by diplomats and officials after late-night talks between EU country representatives and the bloc’s parliament, means bankers face an automatic bonus cap set at a par with their salaries.

Feb 28, 2013

EU strikes deal to cap banker bonuses

BRUSSELS, Feb 28 (Reuters) – Bankers in Europe face a cap on
bonuses as early as next year, following agreement in Brussels
on Thursday to introduce strict new curbs, in a move politicians
hope will address public anger at financial sector greed.

The agreement, announced by diplomats and officials after
late-night talks between EU country representatives and the
bloc’s parliament, mean bankers face an automatic cap on bonus
payouts at the level of their salary.

Feb 27, 2013

Britain seeks to water down EU cap on banker bonuses

BRUSSELS, Feb 27 (Reuters) – Britain was fighting on
Wednesday to water down EU legislation to cap banker bonuses as
Brussels edged towards agreement on pay curbs officials hope
will address public anger at financial sector greed.

Limits to bankers’ pay are popular on a continent struggling
to emerge from the ruins of a 2008 financial crisis. Lavish
bonuses are blamed for encouraging bankers to take excessive
risks, destabilising banks that then needed to be bailed out.

Feb 27, 2013

EU moves closer to imposing caps on banker bonuses

BRUSSELS/LONDON, Feb 27 (Reuters) – The European parliament
and EU states could agree on Wednesday to impose caps on
bankers’ bonuses, a measure that would channel public fury at
financial sector greed, but which opponents say marks a reckless
overreach by Brussels into private pay deals.

Negotiations to introduce a cap on bankers’ bonuses in the
European Union resume on Wednesday, a week after European
lawmakers and ambassadors from countries failed to reach a deal.
A majority of states in the 27-member bloc would have to support
a measure passed by the European parliament to make it law.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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