The Brazilian government proposed on Sunday to the Group of 20 (G20) that executives who were implicated in frauds or endangered the financial integrity of enterprises be punished.
The Brazilian delegation called for introducing principles of punishment in the new regulations of the international financial market during the two-day meeting of G20 finance ministers and central bank governors, which concluded here Sunday.
"The executives responsible for frauds in balances or those who assume excessive risks, in detriment of financial integrity of corporations at medium and long term, must be penalized in civil and criminal courts," according to the proposal.
The Brazilian delegation also said the high bonuses paid to the top executives of major financial institutions must be regulated to acceptable levels that can well reflect involved risks.
Additionally, financial institutions should be encouraged to operate in the market in a manner compatible with the current economic stability.
The Brazilian delegation also proposed other measures to prevent another crisis, including correction of the absence of regulation and supervision and the orientation of macroeconomic policies and rules to give transparency to the balance sheets of financial institutions.
Source:Xinhua
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