Bloomberg News

Barnier’s Banker Bonus Compromise Rejected by EU Lawmakers

September 05, 2012

European Parliament lawmakers rejected a compromise proposal on measures to regulate banker bonuses, saying the plans are too weak.

Legislators rejected the proposal, advocated by European Union Financial Services Commissioner Michel Barnier, during a meeting today on a draft Basel bank-capital law, said Philippe Lamberts, the lawmaker leading the work on the measures for the parliament’s Green group.

While EU lawmakers have called for a ban on bonuses that exceed fixed pay, governments are concerned that the measure may harm competitiveness. Barnier has advocated an alternative approach based on empowering shareholders.

Members of the parliament at the meeting said that the compromise plan “wasn’t even a basis to start discussions,” Lamberts said in an interview in Brussels.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Christopher Scinta at cscinta@bloomberg.net


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