§ Mr. Gordon Prentice
To ask the Secretary of State for Education what advice and guidance she offers to universities and other institutions of higher and further education concerning severance payment to senior staff.
§ Mr. Boswell
The Secretary of State does not offer advice and guidance on severance payments to institutions within the higher and further education sectors. However, the Further Education Funding Council has required its institutions, from their first accounting period in 1993–94, to disclose in their final accounts emoluments of senior postholders, showing the principal separately; and the aggregate amount paid to senior postholders as compensation, together with the number of persons receiving such compensation.
The Higher Education Funding Council for England requires the institutions for which it is responsible to disclose separately details of any compensation for loss of office to the vice-chancellor, or equivalent, and higher paid staff whose annual remuneration exceeds £50,000, together with the salaries of senior staff and vice-chancellor's emoluments. This requirement will be effective for institutions' 1994–95 accounts.