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Lenders should also be forbidden from giving staff bonus awards that exceed fixed salaries, in the proposals approved by members of the European Parliament’s economic and monetary affairs committee in Brussels yesterday. The amendments will be part of the EU assembly’s negotiation position in talks with governments on the legislation
Limiting the proportion of bonuses in compensation “intrudes on the important role of shareholders to determine key questions on pay and commercial strategy,” Simon Lewis, chief executive of the Association for Financial Markets in Europe, said in an e-mailed statement. “It could also introduce additional fragility to the European banking system by increasing banks’ fixed costs.”