Treasury Committee: Press Notice

7 November 2008: For Immediate Release

TREASURY COMMITTEE TO HOLD EVIDENCE SESSION ON INCENTIVE STRUCTURES AND EXECUTIVE REMUNERATION IN THE BANKING SECTOR

As part of its wider inquiry into The Banking Crisis, the Treasury Committee today announces details of an evidence session on incentive structures (including remuneration policies) within financial institutions, and their potential effects on financial stability, both at the institutional and system-wide level.  The evidence session will take place at 2.30 pm on Wednesday 19 November 2008 in the Wilson Room, Portcullis House. Details of witnesses will be announced early next week. 

The Committee would welcome written evidence on the following topics in particular:

• The relationship between the structure of remuneration packages and excessive risk-taking within financial institutions

• How incentives within financial institutions can best promote long-term sustainable growth and financial stability, both at the institutional and system-wide levels

• What approach the Financial Services Authority should take with respect to remuneration within financial institutions

• The role of remuneration committees and shareholders in providing oversight of compensation packages within financial institutions 

• The need for a co-ordinated international approach to executive remuneration in the banking sector

•  Good practice around the disclosure and transparency of compensation arrangements within financial institutions.

Written evidence should reach the Treasury Committee no later than by 4pm on Thursday 13 November 2008. Guidance on the submission of written evidence can be found at the end of this press notice.

NOTES ON SUBMISSION OF WRITTEN EVIDENCE - PLEASE READ CAREFULLY BEFORE SUBMITTING EVIDENCE

Written evidence should be in Word or rich text format-not PDF format-and sent by e-mail to [email protected]. The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline is 4pm on Thursday 13 November 2008. Submissions should be no longer than 2000 words.

Submissions should be in the format of a self-contained memorandum. Paragraphs should be numbered for ease of reference, and the document must include an executive summary. Further guidance on the submission of evidence can be found at www.parliament.uk/parliamentary_committees/witness.cfm.

Submissions should be original work, not previously published or circulated elsewhere. Once submitted, your submission becomes the property of the Committee and no public use should be made of it unless you have first obtained permission from the Clerk of the Committee. Please bear in mind that Committees are not able to investigate individual cases.

The Committee normally, though not always, chooses to publish the written evidence it receives, either by printing the evidence, publishing it on the internet or by making it publicly available through the Parliamentary Archives. If there is any information you believe to be sensitive you should highlight it and explain what harm you believe would result from its disclosure; the Committee will take this into account in deciding whether to publish or further disclose the evidence.

For data protection purposes, it would be helpful if individuals wishing to submit written evidence send their contact details in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.