LONDON - THE British government will propose reforms on bankers' pay at the meeting of G-20 finance ministers starting in London on Friday, a British official said on Wednesday.

The rules will include having bonuses paid over five years, with some of the money to be clawed back if the traders' long-term performance weakens.

Britain will also seek rules to ensure that banks cannot guarantee bonuses to their staff and that a 'significant proportion' of bankers' remuneration comes in the form of non-cash payment such as stocks.

The official, quoted by Dow Jones Newswires, said: 'The UK is committed to ending the short-term bonus culture and pay practices that could threaten the stability of the financial system.

'We need to see measures that are global in scope, reflecting the global nature of the market for financial services and practical in action.'

Britain is opposed to French plans to impose a mandatory cap on bankers' bonuses which gained wide European support at a meeting in Brussels on Wednesday.

Analysts argue that large bonuses - particularly in Europe and the United States - rewarded short-term profit and therefore damaged the ability of bank executives to take well-judged decisions in the run-up to the financial crisis.

G-20 finance ministers will meet in London on Friday and Saturday ahead of a leaders' summit in Pittsburgh, Pennsylvania, on Sept 24 - 25. -- AFP