§ Mr. CousinsTo ask the Secretary of State for Trade and Industry if he will make it his policy to require companies and limited liability partnerships to declare their policy towards, and their payments of, bonuses and special payments to their staff. [143874]
§ Dr. Howells[holding answer 8 January 2001]: The Companies Act 1985 requires companies to state the aggregate wages or salaries, including bonuses and special payments, paid or payable to employees in respect of each financial year. The Government have laid a draft statutory instrument before Parliament under the Limited Liability Partnerships Act 2000 which would introduce a corresponding requirement in relation to the sums paid to the employees of a limited liability partnership. The Government have no plans to require additional disclosures by companies or limited liability partnerships in relation to bonuses and special payments to staff. We will, however, look carefully at these disclosure requirements when the final report of the independent Company Law Review is delivered later this year. There are, of course, fuller disclosure requirements in relation to company directors.