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Banking Bill

Amendment 145 145: After Clause 164, insert the following new Clause— ““164A Remuneration committee (1) The Treasury may by order (a ““remuneration order””) make provision concerning a remuneration committee in consequence of and in furtherance of this Part and of Part 1 of this Act. (2) An order under this section— (a) shall be made by statutory instrument, and (b) may not be made unless a draft has been laid before and approved by a resolution of each House of Parliament. (3) Before making a remuneration order, the Treasury shall consult— (a) the FSA, and (b) the Bank of England. (4) A remuneration order may amend or modify the effect of an enactment passed before the commencement of this Act. (5) A remuneration order shall enable the Treasury to appoint a person (with his consent) to sit as a full member of the remuneration committee of a bank, notwithstanding any provision in its constitution. (6) Any person appointed under this section shall enjoy the immunity of an agent under section 234(2)(a) of this Act, save for the general duties of a director under Chapters 2 and 3 of Part 10 of the Companies Act 2006. (7) In this section, ““remuneration committee”” means— (a) in the case of a quoted company, any committee or body which prepares or drafts a remuneration report under sections 420 and 421 of the Companies Act 2006 (duty to prepare, and contents of, directors’ remuneration report) intended to be presented to the shareholders’ meeting as the directors’ remuneration report under section 439 of that Act (quoted companies: members’ approval of directors’ remuneration report); (b) in the case of an unquoted bank, any committee or other body which prepares such similar information and material regarding remuneration as shall be specified by the order; (c) in the absence of any such committee or body, the board of directors itself.””