Vince Cable, the Secretary of State for Business, Innovation and Skills (BIS), made a brief statement to the House of Commons on 23 January 2012 setting out the Government's proposals on executive pay. Mr. Cable stated that ten out of the twelve recommendations set out in the report of the High Pay Commission published in November 2011 are to be implemented "in practice or in spirit".

A summary of the proposals outlined in Mr. Cable's statement to the House of Commons together with our comments can be found here.

BIS announced last week that changes to narrative reporting (including restructuring the remuneration report) will be postponed until April 2013. Changes had been due to come into force in October 2012. We are still expecting a response to the consultation to be published by BIS during March.

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