Financial Reporting Council: Pay:Written question - HL9366

Asked on: 10 July 2018
Department for Business, Energy and Industrial Strategy
Financial Reporting Council: Pay
Lords
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 July (HL8896), how many employees of the Financial Reporting Council since 2005 had salaries, including pension contributions and bonuses, greater than the salary of the then Prime Minister; and in each case (1) what their (a) salaries, (b) pension contributions, and (c) bonuses amounted to, (2) who they were approved by, and (3) on what date they were approved.
A
Answered by: Lord Henley
Answered on: 18 July 2018

We are informed by the Financial Reporting Council that information necessary to answer this question in full is not available. The following table provides the number of current employees of the Financial Reporting Council (FRC), falling within each salary range above £150,000:

FTE Salary Range

Number of Employees

150k – 175k

2

175k – 200k

3

200k – 225k

4

225k – 250k

1

300k – 325k

2

375k – 400k

1

The FRC’s Remuneration Committee approves the annual reward structure, including any bonuses awarded to employees. The FRC’s annual reports, which are laid before Parliament, provide information about the FRC’s remuneration policies. This includes the value of the total bonus pot as a percentage of the salary bill (a maximum of 3% in 2016/2017 where the Total Core Staff and related people costs is stated as £20,613,000), individual salaries and bonuses for executive directors.

The Office for National Statistics concluded in December 2014 that the Financial Reporting Council (FRC) was a public body within central government. The Department for Business Innovation and Skills (as it then was) examined whether there was scope for further review. The Department for Business, Energy and Industrial Strategy (BEIS) concluded in 2017 that they should work with the FRC on the application of all relevant guidelines. This includes pay guidance issued by HM Treasury and the Cabinet Office that requires advanced approval from the Chief Secretary of the Treasury for remuneration packages at £150,000 and above.

During the prolonged period in which the status of the FRC as a public body was the subject of or pending review, decisions on the application of the guidelines were taken by Departmental officials under the delegated authority of the responsible departmental Accounting Officer.

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