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Financial Services: Pay

Volume 475: debated on Thursday 15 May 2008

To ask the Chancellor of the Exchequer pursuant to the Answer of 28 April 2008, Official Report, column 142-3W, on financial services: pay, what guidance his Department has issued to the remuneration committees of those banks and financial institutions in receipt of financial support from the public purse. (205305)

Further to my earlier answer, it is sensible to ensure that remunerations are based on merit and support the delivery of agreed objectives.

The Northern Rock Shareholder Relationship Framework Document published on 31 March 2008, a copy of which is available in the Library, set out how those principles will apply in relation to Northern Rock during the present period of temporary public ownership (see paragraphs 9 to 12).