Functions of non-executive directors

Bank of England and Financial Services Bill [Lords] – in a Public Bill Committee at 10:30 am on 9 February 2016.

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Question proposed, That the clause stand part of the Bill.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

I can canter right through the clause, which requires the court to establish a sub-committee of at least three non-executives to determine the remuneration of the Governor and deputy governors. Clearly, we would not want the executive to set its own pay, so to require that that power be delegated to at least three non-executives brings the legislative requirements for the Bank’s remuneration committee in line with UK corporate governance code. The current remuneration committee has four members.

Photo of Richard Burgon Richard Burgon Shadow Minister (Treasury)

I too will be brief. I will not be cantering as I know very little about horses, but as we have already discussed non-executive directors in the debate on our amendment to clause 1, I have nothing further to add.

Question put and agreed to.

Clause 4 accordingly ordered to stand part of the Bill.

Clause 5