Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-02-Speech-2-666-000"
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"en.20130702.53.2-666-000"2
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"Mr President, we know that the original Commission proposal was designed to align the UCITS with AIFMD and that is quite clearly a good reason to bring it forward. Unfortunately the debate has descended around two issues.
First of all I would like to thank Sven for the cooperation we have had on a number of other issues where I think we found good agreement.
On the two issues in hand: the first one relates to the performance fee ban. Let us be quite clear: we know how industry will respond. They will simply push up basic salaries, they will find ways of having variable basic salaries, with fixed bonuses and therefore you would have even less alignment between performance and reward. It is far better to actually tackle the issue and to make sure that we look at issues such as deferral, and for bonuses to have a much better way to achieve alignment between performance and reward.
On the second issue, I think we can agree that people should not be getting performance fees for when they perform badly. But let us tackle that rather than throwing every single performance fee out of the window and actually not tackling the real issue. Let investors and investor managers be rewarded for good choices and good investment but let us make sure that they are not rewarded for bad performance."@en1
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