Directors’ Pay

Lindsay Hoyle Excerpts

Wednesday 20th June 2012 Commons Chamber

[Vince Cable]

If there is a genuine problem with export licensing, I will be happy to address it, but only a very small proportion of exports are covered by the licensing regime. As the hon. Gentleman will know, they cover defence and national security, and it is important that we are careful in how—

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. I am sure the Secretary of State is going to mention directors’ pay as well.

[Vince Cable]

I thought the question was about export licensing, and I tried to address it.

[Mr Deputy Speaker]

Sometimes you can help people, but not all the time.

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

I welcome much of what the Secretary of State said, but the proof of the pudding will be in the eating. What difference will the changes make to the so-called directors—I call them the vermin—of the private equity world who took over Boots the Chemist five years ago and have now sold it off to the Americans? Will he announce how much money they have screwed out of this deal?

--- Later in debate ---

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Last but certainly not least, Charlie Elphicke.

[Charlie Elphicke (Dover) (Con)]

Thank you, Mr Deputy Speaker. I welcome this announcement, because power going to the shareholders and the business owners is how capitalism is supposed to work, yet it is essential that shareholders are able to exercise their votes in practice. Will the Secretary of State tell the House what action he has taken to ensure that brokerages communicate to their nominees—shareholder-owners—the fact that they have the right to vote at board meetings and are able to exercise it? What action he will take to address stock lending, which is all too often used to steal away votes from the real owners so that other people can use them instead?