A further example can be seen in the public policy responses to Incentive Pay or Bonuses in the financial services sector following the financial crisis in 2008. The structure of the incentive pay schemes were deemed to be a contributing factor to the crisis and regulators around the world, co-ordinated by the Financial Stability Board issued recommendations to ensure that incentives schemes were re-designed. In Europe this has led to the Capital Requirements Directives legislation which has established a cap on variable or incentive pay which can be not more than 100% of the fixed pay for an individual in any given year, rising to 200% with shareholder approval.