§ Mr. John GreenwayTo ask the President of the Board of Trade what plans he has to amend the statutory disclosure requirements on directors' emoluments. [15119]
Mr. John M. TaylorFollowing extensive consultation, I have today laid draft regulations before Parliament to amend the statutory disclosure requirements on directors' emoluments.
The main Greenbury recommendations, which were implemented in December 1995 when they were incorporated in the stock exchange listing rules, have done much to improve disclosure of directors' pay and to increase the accountability of directors to their shareholders. These draft regulations will bring the Companies Act into line with the Greenbury recommendations and will ensure that listed companies will not have to make two sets of disclosures to comply with the listing rules and Companies Act respectively.
In the case of unlisted companies, the new provisions will streamline present disclosure requirements.