Select Committee on Standards and Privileges Seventh Report

Annex N

Letter to Mr Geoffrey Robinson MP, TransTec,

from Mr Michael Stoney, Pergamon AGB plc


I refer to your letter of 26 May 1990 to Kevin Maxwell in connection with the above, and I am sorry I did not have the chance to discuss this with you further after the Central & Sheerwood Board meeting.

Whilst I believe the basis management charge of £200,000 per annum is acceptable, I believe that any profit related element should have an incentive attached to it. In other words, the more Lock makes the more Transtec benefits.

In addition, this profit element should have a base figure which will increase from year 1 to year 2 to reflect the hope for a turnaround in the fortunes of Lock. My proposal to you of 23 May 1990 tried to cover this.

Perhaps you could re-think your views on this. I would be only too happy to meet you if you feel that this would be of benefit.

29 June 1990

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