The noble Lord makes a number of good points. It is not just the level of the vice-chancellor’s remuneration that is important—it is that of senior staff as well. It is important that the vice-chancellor’s salary does not vastly exceed that of other staff. The noble Lord alluded to that. I go back to the responsibilities involved. For example, the University of Manchester’s annual income for 2015-16 was £987 million. It runs more than 1,000 degree programmes. There are nearly 40,000 students and 12,000 staff. There are considerable responsibilities involved. I do not want to defend vice-chancellors, but our aim is to put enough pressure on these institutions to ensure that their house is in order—just as with a private company.