Thomas Cook

Owen Paterson Excerpts

Wednesday 25th September 2019 Commons Chamber

[Grant Shapps]

I reject the assertion that nothing has happened. The airline insolvency review required time—in fact, the final version was published only on 9 May. A few months later, we are getting on with it. I will ensure that we work on this, and I hope we can do so on a cross-party basis. It is not quite as simple as one might imagine, because there are multiple facets to address, not one single thing to be done, but the hon. Lady has my undertaking that we will get on with this.

[Mr Owen Paterson (North Shropshire) (Con)]

I thank my right hon. Friend for his statement. I especially liked the passage on employees, having received a call today from a constituent who was a senior employee of Thomas Cook Airlines and has been made redundant. He is, quite rightly, seriously aggrieved that directors of Thomas Cook Airlines are continuing to function as directors of Thomas Cook Condor, and to be remunerated. My right hon. Friend mentioned in his statement that our right hon. Friend the Secretary of State for Business, Energy and Industrial Strategy has asked for a report from the Financial Reporting Council. Will he commit to looking at the relationships between Thomas Cook Airlines and Thomas Cook Condor, and the propriety of directors continuing to receive compensation while other employees are all being made redundant?

[Grant Shapps]

It is for the official receiver to do that work. The official receiver has the powers of the Company Directors Disqualification Act 1986, and will no doubt use them. I should say that we know, rightly, about all the payments to executives because of the transparency established, also rightly, over the past few years to ensure that, among other things, shareholders can see and hold CEOs to account.