Member

Amendment 40 seeks to limit the remuneration that can be given to members of the board. As currently drafted, the Bill does not place any limit on this. It simply states that the Secretary of State will decide the remuneration of the non-executive members and that the pay of employees, including the executive members of the regulator’s new board, will be decided by the non-executive members. It is important that we try to curb spending to begin with and put some limit on the threshold. I have chosen in Amendment 40 to set it at £172,153 per annum, which might seem a curious number but I believe it is the current salary of the Prime Minister, who I am sure the noble Baroness thinks is doing an excellent job and is great value for money. I would be interested whether she thinks that employees and board members of this new regulator ought to be paid more than him in carrying out this duty, or whether she shares my concerns about the currently unlimited amount that they could be paid under the Bill. I beg to move.