61 Links between directors' remuneration and electricity service standards
Utilities Act 2000 (2000 c 27) | Legislation

Remuneration and service standards

61  Links between directors' remuneration and electricity service standards

After section 42B of the 1989 Act there is inserted—

“42C Remuneration and service standards

(1)     This section applies to any company which is authorised by a licence to carry on activities subject to price regulation.

(2)     As soon as reasonably practicable after the end of each financial year of the company it must make a statement to the Authority—

(a)     disclosing whether or not remuneration has been paid or become due during that financial year to the directors of the company as a result of arrangements falling within subsection (3); and

(b)     where such remuneration has been paid or become due, describing the arrangements and the remuneration.

(3)     Arrangements fall within this subsection if they are arrangements for linking the remuneration of the directors of the company to levels of performance as respects service

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