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The G20 Finance Ministers outlined the blueprint for further action to be taken on corporate governance and compensation practices.
Finance Ministers and Central Bank Governors met ahead of the Pittsburgh Summit to assess progress on delivering the Global Plan for Recovery and Reform to the international financial system.
In particular, Ministers called for greater disclosure and transparency on remuneration issues and global standards on pay structure, including, on deferral, effective clawback, the relationship between fixed and variable remuneration, and guaranteed bonuses, and on reforms to ensure appropriate board monotoring of compensation and risk.
Finance Ministers also reiterated their call for stronger regulation and monotoring for systemically important firms and urged rapid progress in developing stronger prudential regulation.
Further issues include, among others, the coordinated implementation of international standards, including Basel II, and the convergence towards a single set of high-quality, global, independent accounting standards.
G20 Declaration
G20 Communiqué