F i n a n c i a l S t a b i l i t y F o r u m
P r i n c i p l e s f o r S o u n d C o m p e n s a t i o n
( R e m u n e r a t i o n ) P r a c t i c e s
The Financial Stability Forum has released its Principles for Sound Compensation (Remuneration) following the GFC. They will no doubt have an influence on remuneration strategy and design moving forward. established following a 1999 meeting of G7 Finance Ministers and Central Bank Governors and was expanded at the G20 Heads of State actively oversee the remuneration system’s design and operation and Government meeting in London 2009. It international level the work of national financial authorities and international standards setting supervisory and other financial sector policies. The Principles for Sound Compensation were prepared by a sub-committee of the Forum, Effective alignment of remuneration with Remuneration practices at large financial institutions are one factor among many that contributed to the financial crisis that began in Compensation Practices are intended to apply S E R V I C E S A V A I L A B L E
to significant financial institutions, but they are especially critical for large players in the incentives towards excessive risk taking that may arise from the structure of remuneration schemes. They are not intended to prescribe particular designs or levels of individual remuneration. One size does not fit all – financial firms differ in goals, activities and The FSF Principles for Sound Compensation Practices aim to ensure effective governance of remuneration, alignment of remuneration engagement in remuneration. The benefits of sound remuneration practices will be achieved Firms must disclose clear, comprehensive and timely only if there is determined and coordinated This work is copyright. Apart from any action by national regulators, facilitated if use permitted under the Copyright Act necessary by suitable legislative powers and 1968, no part may be reproduced by any process without prior written permission Level 16, 6 O’Connell Street Sydney Tel (02) 9225 3225 Fax (02) 9225 3235
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FSF Commentary on the principles

Remuneration is an incentive system, not simply a market wage There is too little attention to links between remuneration and risk A company’s board of directors should be responsible for remuneration system design and operations Boards must pay serious and sustained attention to the design and to the operation of remuneration practices for the whole firm, not just the most senior executives The remuneration system should be monitored and reviewed to ensure that it operates as intended. This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission Level 16, 6 O’Connell Street Sydney Tel (02) 9225 3225 Fax (02) 9225 3235
Level 16, 6 O’Co
onnell Street
et Sydney
2) 9225 3225 Fax (02
(0 ) 9225 3235
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