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518098

	registered interest
	date	09/05/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Transatlantic Trade and Investment Partnership: NHS
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government when they plan to publish the draft Transatlantic Trade Investment Partnership agreement and any information they have on risks to the NHS posed by that draft treaty.
	tabling member printed	Lord Mendelsohn
	uin	HL8258
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the noble Lord.</p> answering member printed Lord Price grouped question UIN HL8259 question first answered 12/05/2016 11:53:34 answering member 4570 label Biography information for Lord Price
	tabling member	4286 label Biography information for Lord Mendelsohn

518099

	registered interest
	date	09/05/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Transatlantic Trade and Investment Partnership: NHS
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the NHS is excluded from the current Transatlantic Trade Investment Partnership draft documents, and whether they will publish the legal advice they previously commissioned, in full or in summary, regarding the risk to the NHS of litigation by US private health companies.
	tabling member printed	Lord Mendelsohn
	uin	HL8259
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the noble Lord.</p> answering member printed Lord Price grouped question UIN HL8258 question first answered 12/05/2016 11:53:34 answering member 4570 label Biography information for Lord Price
	tabling member	4286 label Biography information for Lord Mendelsohn

516980

	registered interest
	date	03/05/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they intend to legislate to change non-binding shareholder votes in relation to executive pay in public companies to binding votes if they pass the 50 per cent threshold.
	tabling member printed	Lord Mendelsohn
	uin	HL8136
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the noble Lord.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL8137 question first answered 12/05/2016 12:00:29 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

516982

	registered interest
	date	03/05/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they support annual executive pay votes by shareholders, and whether they intend to legislate to stop three-year votes on that issue.
	tabling member printed	Lord Mendelsohn
	uin	HL8137
	answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>It has not proved possible to respond to this question in the time available before Prorogation. Ministers will correspond directly with the noble Lord.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL8136 question first answered 12/05/2016 12:00:29 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515557

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the Executive Remuneration Working Group’s conclusions, and whether they have any plans either by statutory means or by Ministerial engagement to ensure greater transparency in relation to executive pay, clearer alignment of shareholder, company and executive interests, more accountability on the part of remuneration committees and greater engagement with and control by shareholders working through company boards.
	tabling member printed	Lord Mendelsohn
	uin	HL7937
	answer	answer is ministerial correction date of answer 06/05/2016 answer text <p>The Government welcomes the interim conclusions of the Executive Remuneration Working Group. They represent a valuable source of ideas for ensuring more effective engagement between investors and directors and ensuring that executive pay policies are tailored to the needs of individual businesses. We also welcome the Working Group’s plans to consult interested stakeholders on practical ways of improving the current approach to executive pay. Departmental officials will be engaging with the roundtables that are being planned.</p><p>The Government made significant reforms to the governance of executive pay in 2013. Under these reforms, companies are required to put their pay policies to shareholders at least every three years. These policies have to include information on how each director will be paid and how that is linked to different levels of performance. This is subject to a binding vote. Companies also have to provide shareholders with an Annual Remuneration Report which reports the pay of each director in a single figure and again has to set out clearly how the actual payments relate to performance. Shareholders have an advisory vote on this report, but if they reject the report, the company must submit a revised pay policy to a binding vote at the next AGM.</p><p>These reforms give shareholders effective powers to challenge excessive pay and hold boards to account on executive pay policies. There is strong evidence from the current AGM season that shareholders are willing to use these powers, particularly where levels of pay are out of line with performance.</p><p>The Government has no current plans for further legislation or regulation, but is looking for firm evidence that companies are liaising effectively with shareholders and adjusting pay policies where there is shareholder dissatisfaction.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7940 question first answered 06/05/2016 09:54:38 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515558

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the FTSE share index of public companies trading at broadly the same levels as 1998 whilst executive pay over the same period has trebled.
	tabling member printed	Lord Mendelsohn
	uin	HL7938
	answer	answer is ministerial correction date of answer 06/05/2016 answer text <p>Executive pay has risen significantly since 1998 and the link between top pay and company performance has sometimes been weak. That is why the executive pay reforms brought in by the Government in 2013 included measures to clarify the links between pay and performance as well as giving shareholders a stronger say. Company remuneration policies (on which shareholders now have a binding vote at least every three years), for example, must include information on how directors’ pay is linked to different levels of performance. In addition, the Annual Remuneration Report, which sets out what directors have been paid in the past financial year, has to set out clearly how the actual payments made relate to performance.</p><p>It is too soon to form firm conclusions about the impact of the 2013 reforms. Executive pay is typically set on a three year cycle and the reforms have not yet reached their third anniversary. However, there is growing evidence from the current AGM season that shareholders are prepared to use the new powers, particularly where pay is out of line with company performance.</p><p>The Government does not track executive pay across the more than 1,000 companies subject to the Regulations. We do however work closely with independent researchers that regularly survey the level and structure of pay, such as Manifest, and with key stakeholders such as the Investment Association and the Financial Reporting Council to ensure that we have access to the evidence needed to keep executive pay under review.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7939 question first answered 06/05/2016 09:53:18 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515559

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they track executive pay; and whether they collect data on what percentage of Long Term Incentive Plans were changed for FTSE 100 companies when performance changed negatively.
	tabling member printed	Lord Mendelsohn
	uin	HL7939
	answer	answer is ministerial correction date of answer 06/05/2016 answer text <p>Executive pay has risen significantly since 1998 and the link between top pay and company performance has sometimes been weak. That is why the executive pay reforms brought in by the Government in 2013 included measures to clarify the links between pay and performance as well as giving shareholders a stronger say. Company remuneration policies (on which shareholders now have a binding vote at least every three years), for example, must include information on how directors’ pay is linked to different levels of performance. In addition, the Annual Remuneration Report, which sets out what directors have been paid in the past financial year, has to set out clearly how the actual payments made relate to performance.</p><p>It is too soon to form firm conclusions about the impact of the 2013 reforms. Executive pay is typically set on a three year cycle and the reforms have not yet reached their third anniversary. However, there is growing evidence from the current AGM season that shareholders are prepared to use the new powers, particularly where pay is out of line with company performance.</p><p>The Government does not track executive pay across the more than 1,000 companies subject to the Regulations. We do however work closely with independent researchers that regularly survey the level and structure of pay, such as Manifest, and with key stakeholders such as the Investment Association and the Financial Reporting Council to ensure that we have access to the evidence needed to keep executive pay under review.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7938 question first answered 06/05/2016 09:53:18 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515560

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will be participating in the Investment Association’s roundtables on executive pay; and whether Minister or officials intend to communicate with the Investment Association in preparation of those roundtables.
	tabling member printed	Lord Mendelsohn
	uin	HL7940
	answer	answer is ministerial correction date of answer 06/05/2016 answer text <p>The Government welcomes the interim conclusions of the Executive Remuneration Working Group. They represent a valuable source of ideas for ensuring more effective engagement between investors and directors and ensuring that executive pay policies are tailored to the needs of individual businesses. We also welcome the Working Group’s plans to consult interested stakeholders on practical ways of improving the current approach to executive pay. Departmental officials will be engaging with the roundtables that are being planned.</p><p>The Government made significant reforms to the governance of executive pay in 2013. Under these reforms, companies are required to put their pay policies to shareholders at least every three years. These policies have to include information on how each director will be paid and how that is linked to different levels of performance. This is subject to a binding vote. Companies also have to provide shareholders with an Annual Remuneration Report which reports the pay of each director in a single figure and again has to set out clearly how the actual payments relate to performance. Shareholders have an advisory vote on this report, but if they reject the report, the company must submit a revised pay policy to a binding vote at the next AGM.</p><p>These reforms give shareholders effective powers to challenge excessive pay and hold boards to account on executive pay policies. There is strong evidence from the current AGM season that shareholders are willing to use these powers, particularly where levels of pay are out of line with performance.</p><p>The Government has no current plans for further legislation or regulation, but is looking for firm evidence that companies are liaising effectively with shareholders and adjusting pay policies where there is shareholder dissatisfaction.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7937 question first answered 06/05/2016 09:54:38 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515555

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the Executive Remuneration Working Group’s conclusions that executive pay is "not fit for purpose" and that extensive reform is needed to allay "widespread scepticism and [the] loss of public confidence".
	tabling member printed	Lord Mendelsohn
	uin	HL7935
	answer	answer is ministerial correction date of answer 09/05/2016 answer text <p>The Government has noted the views set out in the interim report of the Executive Remuneration Working Group.</p><p>Government reforms introduced in 2013 provide a significantly more transparent and robust governance framework for executive pay. The reforms give shareholders a binding vote at least every three years on company pay policies and an annual vote on the remuneration report which sets out exactly what directors have been paid. The annual vote is advisory but if the shareholders vote down the report, the company has to bring a revised pay policy to the next Annual General Meeting.</p><p>These reforms give shareholders effective powers to challenge excessive executive pay and to hold boards to account on pay policies and it is now for investors and companies to engage constructively to ensure that pay policies are fit for purpose and that they align the interests of executives, shareholders and companies.</p><p>Evidence from the current round of Annual General Meetings is that the reforms are having an impact and that shareholders are increasingly willing to use these powers where they are dissatisfied. BP and Smith and Nephew’s shareholders, for example, voted against their companies’ remuneration reports and the shareholders of Weir Group voted against that company’s remuneration policy in a binding vote. There have been significant shareholder votes against the remuneration reports at a number of other companies.</p><p>The Government has no current plans for further legislation or regulation, but expects to see companies liaising effectively with shareholders and adjusting pay policies where there is shareholder dissatisfaction.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7936 question first answered 09/05/2016 14:23:31 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn

515556

	registered interest
	date	25/04/2016
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Managers: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of the Executive Remuneration Working Group’s conclusions that the current pay approach for listed companies had resulted in "a poor alignment of interests between executives, shareholders and the company", and whether they have plans to introduce measures to deal with this in any subsequent company law reform.
	tabling member printed	Lord Mendelsohn
	uin	HL7936
	answer	answer is ministerial correction date of answer 09/05/2016 answer text <p>The Government has noted the views set out in the interim report of the Executive Remuneration Working Group.</p><p>Government reforms introduced in 2013 provide a significantly more transparent and robust governance framework for executive pay. The reforms give shareholders a binding vote at least every three years on company pay policies and an annual vote on the remuneration report which sets out exactly what directors have been paid. The annual vote is advisory but if the shareholders vote down the report, the company has to bring a revised pay policy to the next Annual General Meeting.</p><p>These reforms give shareholders effective powers to challenge excessive executive pay and to hold boards to account on pay policies and it is now for investors and companies to engage constructively to ensure that pay policies are fit for purpose and that they align the interests of executives, shareholders and companies.</p><p>Evidence from the current round of Annual General Meetings is that the reforms are having an impact and that shareholders are increasingly willing to use these powers where they are dissatisfied. BP and Smith and Nephew’s shareholders, for example, voted against their companies’ remuneration reports and the shareholders of Weir Group voted against that company’s remuneration policy in a binding vote. There have been significant shareholder votes against the remuneration reports at a number of other companies.</p><p>The Government has no current plans for further legislation or regulation, but expects to see companies liaising effectively with shareholders and adjusting pay policies where there is shareholder dissatisfaction.</p> answering member printed Baroness Neville-Rolfe grouped question UIN HL7935 question first answered 09/05/2016 14:23:31 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	4286 label Biography information for Lord Mendelsohn