Vauxhall/Opel: Proposed Takeover

Lord Tyrie Excerpts

Monday 20th February 2017 Commons Chamber

[Greg Clark]

I would say to the right hon. Gentleman what I said to the Chair of the Select Committee: he should reflect on the competitiveness of our automotive industry. Companies choose to invest in Britain because we are a competitive place from which to do business, we have a skilled and flexible workforce, and we have fantastic research and development facilities. We have been absolutely clear in the industrial strategy consultation that these strengths will be extended so that we continue to be a beacon of success in this and other industries.

[Mr Andrew Tyrie (Chichester) (Con)]

The Secretary of State has clearly made some reassuring noises to the firm. We need transparency on those, so will he now respond to the Treasury Committee request to publish the letter he sent to Nissan on 21 October giving reassurances to that company?

[Greg Clark]

My right hon. Friend may not have noticed that, some time ago, I said that of course we would release the letter sent to Nissan at the time when it is no longer commercially confidential.

Corporate Governance

Lord Tyrie Excerpts

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

[Greg Clark]

There are two Labour Back Benchers here. If one compares that with the number of my hon. Friends who are in the Chamber, there is scant evidence of Labour’s enthusiasm for these reforms. The hon. Member for Norwich South (Clive Lewis) tried to imply that Labour is the party of working people, but the difference in interest in this statement between the parties shows the opposite. I hope that the hon. Member for Eltham (Clive Efford) welcomes the measures that the Prime Minister and I are proposing to give not only employees but customers a voice in the boardroom. The hon. Gentleman is a big football fan and a fan of greater involvement of enthusiasts in football, and I hope that he will contribute positively to the consultation and back our proposals.

[Mr Andrew Tyrie (Chichester) (Con)]

Good pay structures encourage wealth creation, but the financial crisis showed that poorly constructed remuneration schemes contribute to catastrophic failures in corporate governance. In response, the Parliamentary Commission on Banking Standards recommended, among other things, longer deferral for bonuses and clawback for serious misconduct in some cases. Has the Minister examined whether those recommendations have any relevance to his Green Paper and whether they may, with particular regard to large firms, have a bearing on ways to militate against serious harm to customers, employees and the wider public?

[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.

Nissan: Sunderland

Lord Tyrie Excerpts

Monday 31st October 2016 Commons Chamber

[Greg Clark]

The right hon. Gentleman, for whom I have a high personal regard, exemplifies what my right hon. Friend the Member for Surrey Heath (Michael Gove) was saying: he looks so glum at this news. What I set out to the House, to Nissan and to any firm that is in this country is what my colleagues have said repeatedly: there is a great common interest among other European Union nations and ourselves in having a deal following the negotiations that maximises the benefit to both sides. That seems so obvious that it is hardly worthy emphasising. That is the demeanour with which we will approach the negotiations. It is the approach that I have always taken in negotiations, and it seems as though that is something that people are glad to hear.

[Mr Andrew Tyrie (Chichester) (Con)]

I congratulate the Secretary of State on providing a great deal for the north-east. His clarification that the Government wanted continued access to the single market without bureaucratic impediments is a significant extension and exposure of the Government’s negotiating position. Does the Secretary of State agree that the rules of origin that the UK would face outside the customs union would certainly constitute bureaucratic impediments?

[Greg Clark]

This goes beyond any discussions that I have had with any company here. Why would we not aim to avoid bureaucratic impediments as a matter of negotiation? That seems to be common sense and that is what I set out.