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Company Law Reform Bill [HL]

I thank the Minister for that comprehensive response. I shall certainly ask the institute to read Hansard and to let us know if there are further concerns. I shall flag a concern which may have been partly addressed by the Minister saying that he will look at the Explanatory Notes before they are published finally. The example given by the Institute of Directors’ guidance was classic incomplete records information. That is classic paper-bag stuff: you give your bank statements and all your bits of paper to your accountant, who draws up your accounts. That is not keeping decent accounting records, although it allows someone to prepare a set of accounts. I approach this amendment from the perspective of a sophisticated company which has integrated accounting records and sophisticated systems. The reference clearly has its roots in something that existed perhaps when the Minister and I did our training, but as a way of learning how to put accounts together it does not reflect modern reality. If the Explanatory Notes could say that there is no specific definition of accounting records, but that it has to reflect the nature and complexity of a company, we would be happy to go forward with that. I can see the Minister’s officials nodding, so I am full of hope for the future. On that basis, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 359 agreed to. Clauses 360 to 364 agreed to. Clause 365 [Alteration of accounting reference date]: