Lord Beamish
Main Page: Lord Beamish (Labour - Life peer)Department Debates - View all Lord Beamish's debates with the HM Treasury
(14 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Kevan Jones (North Durham) (Lab)
I welcome the Minister to his new position. I know that County Durham will be proud as he is a son of Country Durham. Has he given any advice to the regulator on the position of non-executive directors on banks’ boards, particularly regarding their role, remuneration and qualifications? He will know that one problem with Northern Rock was the fact that the non-executive chair’s only qualification appears to have been that he was a member of the Ridley family—he inherited it from his father.
Mr Hoban
The hon. Gentleman makes an important point about the qualifications of non-executive directors. That is why the FSA has already instituted a process of interviewing senior members of staff and directors, before their appointment to boards or positions of responsibility, to ensure that the qualifications and experience that they bring to those important roles is checked.