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Company Law Reform Bill [HL]

I am very glad to follow the intervention from the noble Baroness because it illustrates that consequences flow from the lengthy debate three or four Sittings ago on the famous Clause 156, which sets out the duties of directors. Members of the Committee opposite were, understandably from their philosophical position, not enthusiastic about that clause, but now that we have that clause, those of us advocating amendments along the lines of those in the group—and some others that we shall come to in a moment—believe that there is no real value in having Clause 156 on the duties of directors unless it makes a change in implementation arrangements. Otherwise, many people would ask: what is the tangible consequence of Clause 156 in any reporting or other arrangements?