Directors' Remuneration

Part of the debate – in the House of Lords at 2:30 pm on 9 September 2003.

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Photo of Lord Davies of Coity Lord Davies of Coity Labour 2:30, 9 September 2003

My Lords, I understand that the chairman and executives of a company have a remuneration package which, as my noble friend says, is the responsibility of the company. However, part of that remuneration package is a pension provision. Is it not obscene for the chairman and executives to protect themselves with regard to their pension arrangements when at the same time they are destroying the pension arrangements of their employees? Should not some legislation be introduced to prevent that?