Executives: Pay

Business, Innovation and Skills written question – answered on 2nd July 2012.

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Photo of Chuka Umunna Chuka Umunna Shadow Secretary of State for Business, Innovation and Skills

To ask the Secretary of State for Business, Innovation and Skills within what time period companies will be required to publish details of the exit payments paid to directors following implementation of his proposals on executive pay; and what steps can be taken if companies do not meet that deadline.

Photo of Norman Lamb Norman Lamb The Parliamentary Under-Secretary of State for Business, Innovation and Skills

In line with existing provisions in section 430 of the Companies Act 2006 about what information a company must publish on its website, details of exit payments made to departing directors will need to be published as soon as reasonably practicable. Failure to comply with this will constitute an offence punishable by fine.

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