The global crackdown on bank bonuses gained momentum in Asia yesterday as Hong Kong unveiled plans to rein in pay systems that encourage excessive risk-taking.
Hong Kong is the first jurisdiction in the region to join Europe and the US with specific proposals to clamp down on remuneration structures blamed on contributing to the financial crisis.
“Remuneration systems which create incentives for inappropriate or excessive risk-taking have the potential to threaten the safety and soundness of individual institutions and thereby ultimately the stability of the banking system as a whole,” said the Hong Kong Monetary Authority, the territory's central bank.
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