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 Wedderburn of Charlton Lord Wedderburn of Charlton Labour 2:30, 9 September 2003

My Lords, is my noble friend aware that he is to be congratulated on amending his previous stance in answer to some of these questions by at last recognising that it is possible to define what is "excessive". He previously denied that possibility. Will he also pay attention to the figures released last week and to the research done by Professor Cheffins and the like? Does the Department of Trade and Industry have research to counter the view put forward by such researchers that, neither here nor in Canada, has increased transparency had the effect of moderating the new rent extraction by company executives and senior managers? Will the Government do something to introduce regulation against excessive pension payments, which my noble friend mentioned, to directors who are currently cutting the pension rights of their workers?