Alex White (Labour)

I support those who have spoken on this amendment. A colleague made the point earlier that the issue of executive pay is a populist one and is not an objection of substance. I fundamentally disagree with that. This legislation looks likely to be passed by both Houses but the Minister and the Government will require an element of buy-in, if I can use that phrase, by taxpayers, the people who will fund or back this, whether it is a bail-out or otherwise.

The most repeated objection which people quite legitimately have to the way matters have gone is that those at the top of these financial institutions and elsewhere earn such inordinate sums of money. The issue of large bonuses was singled out by Senator Walsh, I think, and perhaps even by the Minister who said that whatever about pay and director remuneration, there would be considerable objections to bonuses. Gross annual earnings include bonuses in addition to the bottom line salary these people get. If the Minister objects to, or has this view about, inordinately large bonuses — I take him at his word — this amendment will cover that issue. It can be dealt with in the legislation. The Minister may say this is something which can fall for him to deal with in the course of the scheme and so on. However, I strongly urge him and the Government, in circumstances where they are looking for the support and confidence of the public in this very dramatic measure being taken, to include this provision and accede to the amendment.