News Conference following G20 Summit.Part 4
September 26, 2009
Pittsburgh
Пресс-конференция по итогам саммита «Группы двадцати»
26 сентября 2009 года
Питтсбург
Regarding the number of forums, that is a separate problem, and there have admittedly been many of them. Everyone pointed this out. And we should certainly strive to minimise them. But this year it was justified, because we were at the epicentre of a crisis. Thats why we had two G20 summits and one G8, not to mention meetings in other formats, of which there were quite a few and there are more to come. I believe that we must work at eliminating some of them, but that is a question for the future. So far, according to the communique that we just released, we have a G8 and a G20 with our colleagues planned for next year, but let's see how events unfold. Someone has floated the idea which in my view is a very good one that we should have a G8 meeting during the G20 summit. This can also be discussed. Well come up with something.
RESPONSE: Thank you. But we dont mind if the forums multiply.
DMITRY MEDVEDEV: You dont mind?
RESPONSE: Yes. We like to travel around the world.
DMITRY MEDVEDEV: I dont doubt it. But we have a somewhat more complicated task. Of course its fun to travel around but there are too many things waiting to be dealt with back home.
Thank you.
QUESTION: Mr Medvedev, today the G20 made some important decisions about limiting bonuses for bank executives. Will these decisions be implemented in Russia? Will special legislation be required? And generally speaking, in your view have the top bank managers become more modest in their demands over the last six months?
DMITRY MEDVEDEV: Thank you.
In fact this issue was discussed and included in the communique. In order for this to become compulsory for everyone, we must issue the appropriate directives, including those involving our domestic regulators, the Central Bank and other institutions responsible for banking regulation. So although at this point we havent worked out all the details, generally speaking as far as the responsibility of the bankers and of employers as a whole is concerned, in my view they have recently shown some responsibility. If you recall, we talked about this when we were in London. Since then some changes have occurred.
This does not mean that there are no problems. Of course there are problems, all those unpleasant exceptions when bonuses, salaries, and dividend payments are in no way connected with the results of economic performance, but are simply means of quickly obtaining revenue to fill managers pockets, while the fate of the actual company is completely ignored by both the employer and the managers.
So we have to monitor these processes. And by the way, in my opinion, this should apply not only to banks. We need a responsible policy for all our business entities, especially in a crisis. It is particularly important to develop a system in which remuneration is directly linked to the work being done and its actual outcome. Not to fictitious results, not to some disputable figures, but to the genuine results of the specific economic performance. This problem is very complicated, but its very important that we resolve it.
QUESTION: The crisis showed that its not just the world economy that finds itself in an impasse. According to Barack Obamas speech at the UN General Assembly, the U.S. seems to be trying to exploit the structure whereby if it cannot stop the process, in this case, the process of the collapse of a unipolar world, then it must be the leader of such a process. Including even on climate change, the very existence of which the U.S. denied up until recently. What do you think will come of this?
And the second question: I understand that the issue of tax havens and non-cooperative jurisdictions in effect did not come up today. Does this mean that the problem is solved? Particularly in relation to Russia: the fact that there are Russian companies, sometimes large companies, registered offshore and owned by anonymous owners - what does this mean? Is it a lack of patriotism, a failing in legal enforcement, or a lack of conscience on their part?
Thank you. Forgive me if I took too long.
DMITRY MEDVEDEV: No, thats fine.
With regard to what is happening. In my opinion, this is exactly what we talked about some time ago, a year ago and even earlier: in effect, the collapse of a unipolar world. Now everyone is aware of this. Its good that the United States of America has recognized this as well.
What will come of this? I think that we really should end up with something better than what we have. So the question here is not about who will lead. If someone is actively engaged in climate issues, including the United States - well, thank God.
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