Corporate Governance

Debate between Greg Clark and Jonathan Edwards

1st reading: House of Commons
Tuesday 29th November 2016 Commons Chamber

[Greg Clark]

My right hon. Friend is right that good corporate governance can stop corporate failure and the effects of contamination that his commission was set up to investigate. The commission made some valuable recommendations, many of which have been enacted. When he comes to look at the Green Paper, he will see further proposals for how incentive schemes for executives can be better aligned with the long-term interests of the company and made more transparent.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

The statement represents a welcome step forward, but if the UK Government are serious about tackling income inequality in companies, they should go a step further and introduce fair pay structures whereby the remuneration of those at the top and bottom are linked. That would be a way of ensuring that the economy works for all.

[Greg Clark]

I do not agree with that approach. It is right to have transparency and right that companies engage with their employees and make the case both to shareholders and to the workforce for the choices that they make. However, given our diverse range of companies and industries, it would be a mistake that would be bound to hamper their success if we, in the Government or in this House, were to specify precisely what people should be paid.

Nissan: Sunderland

Debate between Greg Clark and Jonathan Edwards

Monday 31st October 2016 Commons Chamber

[Greg Clark]

I am not sure I would describe the dialogue as intimate, but it was constructive at any rate. Of course I make that commitment to the hon. Gentleman.

[Jonathan Edwards (Carmarthen East and Dinefwr) (PC)]

Around 200,000 jobs in Wales are reportedly sustained by single market membership. With the UK Government so far picking the automotive and the financial sectors as their Brexit winners, how many of the aforementioned 200,000 Welsh jobs does the Secretary of State think will ultimately be safe after Brexit?

[Greg Clark]

We are at a point where we have not begun the negotiations with the European Union, much less concluded them, but the demeanour I think we should take is one of looking positively to find common ground and interests. That, always and everywhere, is the basis of a good deal—identifying that common ground and, through civility and patience, establishing relationships that can lead people to conclude something that is in their mutual interest. That seems to be a good way to approach these discussions.