§ Mr. Aitkenasked the Secretary of State for Industry what are the total fees payable to Russell Reynolds Associates Limited for its executive search services in relation to the appointment of Mr. Ian MacGregor as chairman of the British Steel Corporation; on what basis these fees have been calculated; and if he will make a statement.
§ Sir Keith JosephAs I explained in answer to the hon. Member for Holborn and St. Pancras, South (Mr. Dobson) on 8 May—[Vol. 984, col. 192]—Russell Reynolds were engaged on standard terms, namely, a fee calculated on the basis of a proportion of the first year's remuneration of the new BSC chairman. Russell Reynolds are also being reimbursed for their568W expenses incurred during the search for a new chairman.