G20 finance ministers have agreed on a series of measures to curb the bank bonus culture and new lending rules to prevent a repeat of the financial chaos that triggered the global economic downturn.The finance ministers also decided to delay unwinding fiscal stimulus measures until economies are sturdy enough to stand alone. In the meantime they want to defer bank bonuses in order to reward long-term success rather than short-term risk-taking. UK Chancellor Alistair Darling said: “Firstly,greater disclosure and transparency of the level and structure of remuneration for those whose actions that have a material impact on risk-taking. Secondly global standards on pay structures including on deferral, effective clawback and the relationship between fixed and variable remuneration and guaranteed bonuses, to ensure that compensation practices are aligned with a long-term value and creation and financial stability.” Details of the proposals still need to be thrashed out before the summit of G20 leaders in Pittsburgh, Pennsylvania later this month when they will be submitted for approval. There was broad agreement that banks ought to hold more capital as a cushion against catastrophic losses. The ministers also agreed that emerging nations, such as India and China, should have a greater say in the running of the International Monetary Fund.