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Company Law Reform Bill [HL]

I am glad the noble Lord, Lord Lea of Crondall, has shown his ignorance on this topic by anticipating my third point. As the Attorney-General indicated, there were two approaches, one of which was the concept of enlightened shareholder value. The concept of enlightened shareholder value—which we on this side completely support—is reflected in Clause 156(3). It has nothing whatever to do with Clause 156(1). You could include the amendment of the noble Lord, Lord Freeman—to which we have added our names—as it stands, leave in Clause 156(3), and you would have the concept of enlightened shareholder value. But that has nothing whatever to do with this point.