Question

To ask the Secretary of State for Business, Innovation and Skills, pursuant to the Answer of 30 June 2015 to Question 4159, how the level of fees paid to firms for their work in the disposal of shares in Royal Mail was determined; what key performance indicators were set and what outcomes were identified for that work; and whether a competitive tendering process took place.

The level of fees was determined on the basis of previous fees charged for similar services relating to the sale of Government assets and was subject to a competitive tendering process.

The key performance indicator and outcome in this instance was the delivery of a successful secondary sale of Royal Mail shares.