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Proceeding contribution from Lord Freeman (Conservative) in the House of Lords on Thursday, 9 February 2006. It occurred during Debate on bill and Committee proceeding on Company Law Reform Bill (HL).


Company Law Reform Bill

This is probing and I shall be brief. I am after a definition of ““benefit””. I wish to ask two questions. If it is not possible to answer them today—I have not given the Attorney-General notice of them—it would be helpful if he could do so subsequently. I am trying to discover whether two benefits would be caught. The first is an indemnity to a director by a third party relating to the performance of his duty. One can envisage that third party being another associated company or a company of which that director is an officer. The second is certain non-financial benefits, such as the appointment as a non-executive director of a director of another company because of that individual’s position in that company. In other words, the individual serves as a non-executive director in company A because he is a director of company B. I beg to move.


Secondary information

Type
Proceeding contribution
Reference
678 c330GC 
Session
2005-06
Chamber / Committee
House of Lords Grand Committee
Subjects
Disclosure of information Conditions of employment Contracts Data protection Company law Companies Directors Conduct Annual reports Conflict of interests Liability Exemptions Electronic commerce Payments Public companies Money lenders Meetings Shares Shareholders
Legislation
Company Law Reform Bill (HL) 2005-06
Link
View this Proceeding contribution on www.publications.parliament.uk