Banking Reform

Debate between Greg Clark and Lord Watts

Monday 4th February 2013 Commons Chamber

[Greg Clark]

I agree with both parts of my hon. Friend’s question.

[Mr Dave Watts (St Helens North) (Lab)]

The Minister says that he wants to establish new bodies to set bonuses and pay in banks. Can he guarantee that on those boards will be ordinary customers and businesses, and that they will not be stacked with bankers’ friends?

[Greg Clark]

I think it important for the responsibility exercised by remuneration committees in particular to have regard to the experience of ordinary working people up and down the country. I see no reason why the way in which bonuses are thought about in boardrooms in the City should be any different from the way in which they are thought about in any other industry.