UK`s Brown Urges G20 To Reform Bank Bonus Culture

He called for international cooperation on supervising banks around the globe.

British Prime Minister Gordon Brown said on Friday that the G20 group of nations should prevent bankers from enjoying excessive bonuses based on short-term results.

Setting out his priorities for the G20 summit he will host in London next month, Brown also said that international institutions should shore up the banking systems of poorer countries.

"We must agree international principles to end that short-term banking bonus culture and build rewards instead on long-term sustainable results," he told delegates at the Scottish Labour Party conference in Dundee.

He called for international cooperation on supervising banks around the globe.

"That means using the international institutions so that we restructure the banking system in countries that cannot afford to do so themselves and we must then establish a global framework for international financial supervision," he said.

He repeated his call for a crackdown on tax havens and parts of the financial system that have escaped regulatory supervision. "We have got to bring the shadow banking system and tax havens into the regulatory net."