Lord Speaker is elected for a maximum term of five years, and may serve a maximum of two terms. The election is conducted using the alternative vote method. Under amendments made on 3 May 2011, elections must be held by 15 July of the final year of a term, with the new term beginning on 1 September. When Helene Hayman, Baroness Hayman, was elected the first Lord Speaker, the Clerk of the Parliaments (the chief clerk of the House of Lords) announced the result, and the Lord Chamberlain announced the Queen's confirmation of the choice. The Lord Speaker thus elected then replaced the Lord Chancellor on the Woolsack. Perquisites and ceremony By Royal Warrant on 4 July 2006, the Queen declared that the Lord Speaker would have rank and precedence immediately after the Speaker of the House of Commons. The Lord Speaker earns a salary of £104,360, less than the Speaker of the House of Commons, though the Speaker of the House of Commons’ salary includes £81,932 paid for being an MP. The Lord Speaker, like the Speaker of the House of Commons, is entitled to a grace and favour apartment in the Parliamentary Estate. Like the Lord Chancellor, the Lord Speaker wears court dress with a plain black silk gown while presiding over the House and a black silk damask and gold lace ceremonial gown on state occasions. To date holders of the office have chosen not to wear a wig, as the Lord Chancellor previously did, though they do have the option. When presiding over debates, the Lord Speaker sits on the Woolsack. Before each day's sitting of the House of Lords, the Lord Speaker forms part of a procession that marches from the Lord Speaker's residence to the Lords Chamber. The Lord Speaker is preceded by the Deputy Serjeant-at-Arms or Principal Doorkeeper of the House (who bears the Mace). The procession is joined by the Gentleman Usher of the Black Rod in the Prince's Chamber. Together, they move through the Not-content Lobby, entering the Chamber below the bar, and finish by walking up the Temporal (opposition) side toward the Woolsack. The Mace is placed on the Woolsack, where the Lord Speaker sits after a bishop has led the House in prayers. When the Sovereign appoints Lords Commissioners to perform certain actions on his or her behalf (for example, to open or prorogue Parliament, or formally declare Royal