Lord Myners
Main Page: Lord Myners (Crossbench - Life peer)
Baroness Wilcox
Actually, shareholders are getting more engaged on the issue of pay. They have publicly stated their intention to get tougher, particularly with the large public companies, and we are giving them the tools to do this, which is what the Secretary of State, Vince Cable, said last week. As to the second half of the question—which the noble Lord is perfectly entitled to ask, as he reminded me before we came in here today—my ministerial colleagues Vince Cable and Ed Davey meet regularly with representatives of the TUC and will look to discuss this with them the next time they meet.
Lord Myners
My Lords, I declare an interest as a partner in a fund management firm. The Leader of the House in the other place said in answer to a question from my honourable friend Ms Angela Eagle before the recess that the Government were looking into the case for shareholders being represented on the nominations committees that appoint the independent directors to boards. Vince Cable said nothing on this subject. Can the Minister explain why he was silent on that, and can she assure us that the ministry will ask Professor John Kay to ensure that this is investigated in his review on governance?
Baroness Wilcox
The noble Lord gave the answer in the question that he asked me. Professor Kay will be giving his interim review next month and I am absolutely sure he will be answering the question that the noble Lord has asked.