Instead of financial institutions being able to find elaborate ways to shroud their actions in secrecy, the global regulatory framework outlined at the G20 heralds a new period of transparency.
The adoption of the Financial Stability Forum (FSF) guidelines on executive remuneration is of particular interest to the superannuation industry and has been a hot topic for some time.
"It has been a long-standing Association of Superannuation Funds of Australia (ASFA) policy that we as shareholders have a responsibility to be active. This doesn't mean that you manage the company, but you make sure that the directors and management know they are being held accountable by shareholders," ASFA chief executive Pauline Vamos says.
"The G20 is a good start as it gives it visibility and it gives it a global footprint."
According to online current affairs newsletter Crikey, the FSF guidelines link risk and remuneration and impose additional capital requirements on non-complying firms.
The increased focus on managing long-term environmental and financial risk is another area of interest to the industry.
The Climate Institute says that G20 commitments are "pivotal" for financial institutions.
"The implications of the G20's decision is that super funds and other asset managers will be forced to align long-term risk and opportunity, providing significant capital to help fund clean energy and other low-carbon infrastructure investments," Climate Institute chief executive John Connor says.
Despite this, Connor says the final G20 communique was short on detail for better aligning stimulus packages to committed members.
Other financial industry pundits also found problems with the regulatory framework and questioned its relevance to Australian circumstances.
"The call from G20 and the G30 to review international accounting standards, the review of ratings agencies and rating houses, and the debate on executive remuneration - most of the origins of those problems are elsewhere and in Australia we have fared better," Investment and Financial Services Association deputy chief executive John O'Shaughnessy says.
The Australian Bankers' Association chief executive David Bell agrees.
"Australian banks are already well regulated and we have a strong banking system," Bell says.
"Our federal government must resist unnecessary change. It will be in Australia's interests to make sound decisions in light of the strong regulatory framework in Australia."
The G20 will convene again before the end of the year to review progress on the commitments made in London.
