§ Lord Grimondasked Her Majesty's Government:
Whether a final decision has been reached on the payments to Mr. MacGregor and Lazard Brothers for his chairmanship of British Steel.
251WA
§ Lord CockfieldDetails of the payments to Lazard Fréres of New York for Mr. MacGregor's period as Chairman of the British Steel Corporation were placed in the Library of the House on 15th April 1981. The payments consist of 2 elements: a fixed sum paid in 1980 and final payments yet to be paid based on the performance of BSC under Mr. MacGregor's chairmanship. These final payments will be established by a Review Committee acting in accordance with Agreed Criteria, copies of which were also placed in the Library of the House on 15th April 1981. As the criteria make clear, the first of the two final payments will be determined when BSC's results for the year ending March 1984 are known, and the second payment a year later. On the basis that BSC's annual report and accounts are usually published in July each year, I understand that the Review Committee is working to reach and announce its conclusion on the first of the final payments in the autumn.