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Banking Bill

I associate myself with almost everything that the noble Baroness, Lady Ford, said. She articulated very clearly the right approach to remuneration. My only doubt is whether all remuneration committees have complete independence from other remuneration committees. There may be some travelling still to be done by some remuneration committees. There are problems in the working of remuneration committees, in particular the ramping up that comes from pay consultants who are good at keeping the machine going. In my experience of remuneration committees, independent directors take their responsibilities very seriously and find it a hugely difficult task. That is not to say that it has worked well, and not to say that it has worked well in banks. However, the approach that the noble Baroness espouses is the right one.