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Early day motion tabled by primary sponsor Sarah McCarthy-Fry (Labour), on Monday, 10 October 2005, in the House of Commons. It is signed by 227 members in total.

MODERNISING COMPANY LAW

That this House believes companies are critical in achieving the aims of sustainable development and to making poverty history, but that in order to be able to do so their freedom to operate must be balanced with clear responsibilities to society and the environment; and urges the Government to enshrine in new company law a duty for directors to identify, consider, act and report on any negative social and environmental impacts caused by a company's activities in the UK or overseas.

Amendments

The Early day motion has received 3 amendments.

697A2
after `overseas', add `and further urges that such a duty should place a lesser responsibility on small businesses, in recognition of the already heavy burden of regulation on small business, while holding larger corporations to account.'.
697A1
leave out from `urges' to end and insert `companies to embrace corporate social responsibility by engaging in activities most suitable to their own objectives and resources'.
697A3
leave out from `but' to end and add `; recognises the concerns that groups such as Oxfam have raised relating to the Company Law Reform Bill; believes that it is important that UK companies strive to maintain the UK's reputation as amongst the most ethical countries in the world; understands that companies must not be allowed to irreversibly destroy the environment of countries they work in; further understands that while wages across the developed world are substantially lower than in the UK, companies should aim to pay wages that are fair by local standards; welcomes the principles outlined by pressure groups which are seeking to impose legal obligations onto British companies to pursue ethical policies but looks to the Government to ensure that ethical standards are maintained without further crippling UK businesses with burdensome regulations.'.

Secondary information

Type
Early day motion
Reference
697 
697A2 
697A1 
697A3 
Session
2005-06
Other sponsors
Mike Gapes
Baroness Brown of Silvertown
Helen Goodman
Lord Khan of Tooting
Martin Salter
Subjects
Company law
Link
View this Early day motion on www.parliament.uk