Excessive bonuses to be re-claimed

10th September 2010, Comments 0 comments


The outgoing cabinet has drafted a law which makes it possible to adjust or re-claim excessive bonuses after they have been awarded. The government has sent the draft law to parliament for approval.

The law would affect bonuses awarded based on erroneous information as well as bonuses which are "unreasonable and unfair". The legislation would affect the directors of public limited companies and all financial companies, including banks, insurance companies and investment firms. In the case of financial companies the measure applies both to directors and "daily policymakers".

The draft law also calls for supervising bodies to test the professionalism of commissioners.

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