HC Deb 30 November 1984 vol 68 c607W
Mr. Leighton

asked the Prime Minister what remuneration has been paid to Mr. Ian MacGregor at both British Steel and the National Coal Board; and what productivity-linked bonuses have been paid to Lazard Fréres.

The Prime Minister

The British Steel Corporation's annual report and accounts for 1980–81 to 1983–84 record the following total emoluments of Mr. MacGregor as chairman of the BSC:

1980–81 (nine months) 37,864
1981–82 51,750
1982–83 51,960
1983–84 (five months) 22,187

Mr. MacGregor currently recives £5,500 per annum as a part-time member of the BSC Board and £59,325 per annum as the remununeration due to him as chairman of the National Coal Board.

A fixed sum of £675,000 was paid to Lazard Fréres of New York in 1980 for the release of Mr. MacGregor to serve as chairman of BSC. Two performance related payments are due to be made next year, after BSC's results to end March 1985 are known. A payment of £1,500,000 was also made to Lazard Fréres in 1983 at the time of Mr. MacGregor's appointment to the NCB but this agreement does not include any productivity-related bonuses.

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