Directors: Pay

Department for Business, Energy and Industrial Strategy written question – answered on 21st July 2022.

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Photo of Tan Dhesi Tan Dhesi Shadow Minister (Transport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government has plans to remove restrictions on non-executive director remuneration.

Photo of Tan Dhesi Tan Dhesi Shadow Minister (Transport)

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government plans to remove restrictions on executive director remuneration.

Photo of Jane Hunt Jane Hunt Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Government is reviewing whether there are any unnecessary restrictions on remunerating directors, particularly non-executive directors, in shares. This is about how directors are remunerated, not how much. The Government has no plans to amend the statutory reporting and other requirements covering directors’ remuneration under the Companies Act 2006

If it is concluded that there is a case in principle for amending existing provisions of the UK Corporate Governance Code relating to remuneration, any changes to the Code would be subject to consultation by the Financial Reporting Council.

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