Published: November 11, 2020
Apra had initially wanted a 50% cap on the amount of bonuses that come from financial performance and a delay of seven years in payment
The prudential regulator has bowed to pressure from the banking industry and watered down proposed new rules restricting bonuses that were recommended by the Hayne royal commission.
In a new draft remuneration standard, released on Thursday, the Australian Prudential Regulation Authority (Apra) abandoned its previous position that the proportion of banker bonuses that can come from financial performance should be capped at 50%.
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