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Banking Bill

I am grateful to my noble friend for her comment. I certainly was not suggesting that that was her view. However, it is often argued in the media that the responsibility for remuneration is an issue for the independent or non-executive director. I do not think that this is an issue where the executive directors are excused responsibility, because they tend to set the broad framework for remuneration throughout the company. I would hazard to suggest that in a number of our banks there may be 20, 30 or 40 people who are paid more than the highest paid director. There are issues here which go beyond remuneration of the directors. I have gone on for rather longer than I should, for which I apologise, but they are matters which are of some concern to me, as I think noble Lords might see. I urge the noble Baroness, Lady Turner, to withdraw the amendment, but not to do so believing that the sentiments that she expressed are not shared by some on the Front Bench.