CANBERRA, Oct. 15 (Xinhua) -- Australian Prime Minister Kevin Rudd said here on Wednesday he would urge the G20 meeting next month to set a timetable to protect global financial stability in the future.
"We will be urging the G20 to commission an action agenda in collaboration with the International Monetary Fund, the Financial Stability Forum and the Basel Committee on Banking Supervision on the best means of implementing this initiative, preferably by the end of this calendar year," Rudd said in an address to the National Press club in Canberra.
He said the government would be working with the relevant Australian regulators to design a template that links capital adequacy requirements to executive remuneration in a way that acts against excessive risk-taking in the financial institutions.
This, he said, could be adopted by the international authorities.
"The Australian government will also now be examining with APRA(the Australian Prudential Regulation Authority) what domestic policy actions would be appropriate in pursuit of this objective, that is, to deal with the problem of executive remuneration to financial institutions," he said.
He also said his government would work with the APRA to prevent executive greed and promote greater financial system stability.
"It's necessary, I believe, to get a better set of rules in place to rein in any executive greed and, at the same time, point in the best direction possible for greater stability in the financial system in the future," he said.
