The US Federal Reserve has rejected a recommendation that bonuses for finance executives should be paid according to a single global formula.
The Financial Stability Board, the global standards-setting body, suggested last month that 40 to 60 per cent of the bonuses paid to senior executives and others whose actions have a material impact on the risk profile of their companies should be deferred and paid “over a period of years”.
The Fed did not embrace the FSB's idea in its consultation paper, which was issued yesterday at the same time as the Obama administration's “pay tsar” announced a separate crackdown on compensation at seven bailed-out companies.
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