Introduction of a Maximum Wage
Debate between Lord Vaizey of Didcot and Gary Streeter(9 years, 5 months ago)
Westminster HallRead Full debate Read Hansard Text
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Mr Vaizey
The reason why we focus on salary is that often the bonus is linked to salary as a percentage; if shareholders have a say in the salary of the CEO, they in effect have a say in the bonus. Clearly, shareholders will also have views on the level of the bonus that is linked to the salary. The crucial point is that we want more transparency.
As I said earlier, I believe that shareholders are engaged more proactively in the remuneration package of CEOs. For example, Aberdeen Asset Management clarified the extent of arrangements to limit payments in lieu of notice to departing directors because shareholders were concerned about the potential for rewarding failure. Furthermore, Imperial Tobacco was forced to clarify the fact that it would not give a golden hello to a newly recruited director and capped the level of the package for that director, with reference to previous salaries and policies. [Interruption.]
Mr Gary Streeter (in the Chair)
Order. There is a Division in the main Chamber. Unless the Minister can wrap up in two minutes, which he may not want to do—and that is fine—we should adjourn and come back in 10 minutes.
Mr Vaizey
I think we have had a good debate. There are other important issues, such as remuneration committees, the Labour party’s “make work pay” policy and the minimum wage, but I hope I have been able in the few minutes I have been on my feet to show that the Government take the issue seriously. We believe we are making progress. There will always be the opportunity for the Opposition to tell us to go further, but—ironically, given the title of the debate—we are perhaps finding more common ground than people might have anticipated.
Oral Answers to Questions
Debate between Lord Vaizey of Didcot and Gary Streeter(11 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Vaizey
I thank the hon. Gentleman for that point. I wish him a happy Valentine’s day and note his Valentine’s tie. I agree with everything that he said. That is why we have appointed a specialist libraries adviser and why we have set up a fund of £6 million at the Arts Council to support libraries. I could go on, but I do not want to take up too much time.
Mr Gary Streeter (South West Devon) (Con)
Is my hon. Friend aware that Devon county council has chosen to keep all its libraries open? Despite facing the same financial pressures as every other council, it has made a political choice to support the library service. Is that not the way forward?