Mike Crockart
Main Page: Mike Crockart (Liberal Democrat - Edinburgh West)(12 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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Vince Cable
Ministers have already made it very clear that bonus restraint should be employed in that company.
Mike Crockart (Edinburgh West) (LD)
I welcome the Secretary of State’s announcements today, especially those on transparency and increasing shareholder power. Does he agree that the fundamental principle must be that executive pay reflects company performance? That is a principle that the 107 bankers suing Commerzbank for £1.6 million in bonuses next week would do well to remember.
Vince Cable
Yes, the theme of what I have been saying today has been the link between pay and performance, and as my hon. Friend knows, there are specific problems in the banking sector, not least because until the Vickers report is implemented we still have a “too big to fail” problem and an implicit Government guarantee. That is why rather stricter provisions have to apply in the sector.