Brown expects crisis solutions from G-20

Brown expects crisis solutions from G-20
AP
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First Published: Thu, Mar 26 2009. 04 23 PM IST
Updated: Thu, Mar 26 2009. 04 23 PM IST
New York: British Prime Minister Gordon Brown lashed out at corporate greed, saying he would work to set global principles and standards for salaries in the finance sector at next week’s G-20 summit in London.
Brown on Wednesday promised ‘‘detailed results’’ from the summit as he stopped in New York during a three-continent tour intended to drum up support for a coordinated international response to the global economic crisis.
Brown is hosting the 2 April summit for leaders of the Group of 20, made up of rich and key developing nations that account for more than 80% of the world economy.
He said the summit would seek to create international standards for executive compensation. Disclosures of huge paychecks and generous bonuses for executives in the financial sector have drawn increasing public ire as banks and insurance companies have had to be bailed out by governments because they made bad investments or took on too much risk.
‘‘We will even also publish principles about remuneration, so that there are similar standards and for remunerating bankers and the financial system in future in all countries and not just in one, to avoid a race to the bottom which is a consequence of not having any standards at all,’’ Brown said.
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First Published: Thu, Mar 26 2009. 04 23 PM IST