Members of the Lords examined amendments on copyright and licensing, insolvency, executive pay and pre-pack administrations.
Lord Mitchell (Labour) put forward an amendment (84AHAZB) to give shareholders an annual vote on executive pay. He argued: 'At the heart of the matter lies the empowerment of shareholders... [they] should not only be consulted but should also vote on the policy and the actuality of the pay packages that senior executives are to receive.' The amendment would mean that '... executive pay is not an issue that is engaged with occassionally but is forced on at every annual general meeting (AGM).'
Lord Tugendhat (Conservative) agreed '... that this matter, like other important issues that come before the AGM, should be dealt with annually.'
Viscount Younger of Leckie (Conservative) responded for the government and said it had reservations about an annual vote, saying: 'The government have consulted stakeholders extensively... investors agree that the vote on pay policy should remain an ordinary resolution.' He said a three-year pay policy was better for a longer-term approach to pay.
Lord Mitchell disagreed: 'Three years just seems to us to be too long for such an important issue... I would like to test the opinion of the House.'
The House voted 174 for and 221 against.
The House also voted on amendment 84AG, relating to the requiremements that fees be paid up front for the use of certain in-copyright works, known as orphan works. There were 194 for and 214 against the amendment.
The fifth day of report stage is scheduled for 18 March.
Enterprise and Regulatory Reform Bill summary
The Enterprise and Regulatory Reform Bill includes:
changes to competition policy and employment law
measures for reducing regulation
the Green Investment Bank
rules around copyright and planning.
More about the Enterprise and Regulatory Reform Bill
What is report stage?
Report stage gives all members of the Lords further opportunity to examine and make changes, known as amendments, to a bill.
Report stage usually starts 14 days after committee stage. It can be spread over several days (but usually fewer days than at committee stage).
Before report stage starts, all member's amendments are recorded and published. The day before a report stage debate the amendments are placed in order - a marshalled list.
During report stage detailed line by line examination of the bill continues. Any member of the Lords can take part and votes can take place.
After report stage the bill is reprinted to include all the agreed amendments.
The bill then moves to third reading for the final chance for the Lords to debate and amend the bill.