Enterprise and Regulatory Reform Bill — Clause 61 — Consultation of Employee Representative Before Quoted Company Changes Policy on Director Pay — 17 Oct 2012 at 16:30

The majority of MPs voted against requiring a representative of a quoted company's employees be consulted before the director's remuneration (pay and benefits) policy is revised.

MPs were considering the Enterprise and Regulatory Reform Bill^[1]. The amendment rejected in this vote was:

• Amendment 93, page 51, line 23, at end insert—
• ‘(1A) A representative of the company’s employees must be consulted in the preparation of any such revision.’.

Had it not been rejected this subsection would have been added to Clause 61^[2] of the Bill which related to Payments to directors of quoted companies and specifically Members’ approval of directors’ remuneration policy. The paragraph before the one to be inserted stated:

• The directors’ remuneration policy contained in a company’s directors’ remuneration report may be revised.

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• [1] Parliament's webpage on the Enterprise and Regulatory Reform Bill (now an Act)
• [2] Clause 61 of the Enterprise and Regulatory Reform Bill as at the time of the vote

Debate in Parliament | Source |