Question to the HM Treasury:

To ask Her Majesty’s Government whether, in considering regulators’ recommendations for a seven-year bonus deferral for senior managers in investment banks, they are considering establishing a clawback arrangement for all executive committee members and board members for any bonuses and share options granted.

Since January 2015, Prudential Regulation Authority rules require the variable pay of staff covered by the Remuneration Code to be subject to clawback for seven years after any award. As material risk takers, Executive Committee members at banks are subject to the Remuneration Code.

As regards other board members, the Prudential Regulation Authority and Financial Conduct Authority consulted in 2014 to clarify their rules to state that non-executive directors should not receive variable pay in relation to such roles; final rules are forthcoming.