President. −

Question No 40 by Jörg Leichtfried (H-1062/07).

Subject: Transparency with regard to management pay

Throughout Europe management pay has been rising steadily. In Austria, for example, basic salaries of managers rose by around 3.7% between 2006 and 2007. However, the variable components in management pay increased considerably more sharply. The growth in management pay has led to greater public interest in the level of actual remuneration for management activities. Not least, as variable pay is not required to be shown in balance sheets shareholders wish to know how their money is being spent. There are clear demands from European citizens for greater transparency with regard to management pay.

Is the Commission aware of these developments? Is European legislation planned that will lead to greater transparency with regard to management pay, or does legislation already exist in this area?