Public Limited Companies (Financial Regulation)

Part of the debate – in Westminster Hall at 2:30 pm on 13th March 2003.

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Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 2:30 pm, 13th March 2003

The hon. Gentleman is confusing the role of the chief executive with that of the chairman. The objection—which in my view is right—is that if there is a problem in a company that is riven by disputes, a senior non-executive director who is in a high profile position involving news in the press could have the opportunity of having a direct link with shareholders. That could undermine the chairman's role, rather than that of the chief executive, as the hon. Gentleman suggested when he compared the large salaries. It is also only fair to draw a distinction between the very high salaries of chief executives and the relatively modest remuneration of many chairmen of FTSE 100 companies.