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Company Law Reform Bill [HL]

The Attorney-General very helpfully drafted an important section of the guide that is to come, dealing with Clause 156. I shall paraphrase his words, to get the substance rather than the precise wording of his advice. Success means what the majority of members decides it to mean, and it is they who will determine if it has been achieved. That is the essence of what the Attorney-General said. If that phrase or another formulation of the words appear in the guide, we will have gone a long way towards alleviating some of the fears in the minds of directors about the confusion that might otherwise have arisen. I do not expect the Attorney-General to respond immediately to that—it is on the record as a result of this debate—but some further guidance and interpretation would be very helpful.