G20 will be 'tougher than expected' on bonuses: Brown | business | Hindustan Times
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G20 will be 'tougher than expected' on bonuses: Brown

business Updated: Sep 26, 2009 20:03 IST

British Prime Minister Gordon Brown said that Group of 20 world leaders will be "tougher than people expected" on bonuses in a joint statement to be issued later Friday.

"We will take a very strong view on remuneration and I believe a consensus is being reached," he told reporters before heading into negotiations at the G20 summit. "There's no return to the bad old days."

He said that the text would include measures on clawback -- which would mean bonuses could be taken back from bankers in the light of subsequent bad performance -- and the period of time over which bonuses should be paid.

The payment of bonuses would be linked to the "payment of bonuses to long-term company position", he added.

The issue of bonuses has been a contentious one for the G20, with splits opening up before the summit between Britain, the US and Europe, but moves towards consensus have been made in recent weeks.