Square to make changes in stock market rules

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A big investment bank is preparing to make dramatic changes in its stock-picking practices after its executives came under pressure after a $7.8 billion accounting scandal.

The London-based private equity firm, Capital Group Group, said on Monday it plans to update its compensation policy and raise compensation for managers with more than 10 years on the job by 5 percent, the largest rise since 2006.

That will apply to directors of the firm who currently have more than 25 years of experience and senior executives who have more work experience than they previously had.

Capital Group said it will also require all board members to make “significant and continuous contributions” to the company’s social and philanthropic efforts over the next five years.

In addition to an overhaul of its compensation program, Capital will also be requiring its board to review the effectiveness of its financial advisory services and its corporate governance guidelines. 

Capital Group is the only publicly traded U.S. private equity and hedge fund that had more than $30 billion in assets at the end of last year.

The company’s board, which includes former Wall Street analysts, analysts and other senior staff, is set to meet on Wednesday to discuss changes to its compensation and governance policies.

The changes will be incorporated into Capital Group’s annual report and are subject to approval by the company, which plans to file them with the Securities and Exchange Commission within two years of their implementation.

On Sunday, U.K.-based investment bank HSBC said it would change its compensation structure and will review how it rewards its top executives in the wake of a probe by the U.N. Financial Action Task Force that found HSBC’s top executive banked hundreds of millions of dollars in bonuses.

In response to the controversy, CapitalGroup will not pay bonus checks or other bonuses of more than 20 percent of annual compensation, Chief Executive Mike Jefferies said on Tuesday.

Shares in the London-listed firm have risen about 3.2 percent over the past three months to a record high on Monday.

Bloomberg News: The Wall St. Journal on Twitter: http://online.wsj.com/article/SCHNCHC1045709913371550397539251450?mod=AAP&src_a=fb&src=twsrc%5Etfw&action=share&pid=16793360&content=stock-market-rules

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