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Company Law Reform Bill [HL]

moved Amendment No. A243: "Page 391, line 3, after ““function,”” insert—" ““(   )   to be independent of all of the persons referred to in section 823(1)”” The noble Baroness said: Clause 825 sets up the independent supervisor for auditor general audits and Clause 825(3) sets out two qualifications for the independent supervisor. Amendment No. A243 adds another qualification; namely, that the independent supervisor must be independent of the auditors general. That might appear to be stating the obvious, but I was prompted to table this amendment because I understand that the POBA will be appointed independent supervisor—the Minister has confirmed that—and it is well-known that the person who chairs POBA at present is none other than the Comptroller and Auditor General. That simply cannot be right in principle. I cast no aspersions on the character or abilities of the current or any previous Comptroller and Auditor General. However, such a conflict of interest must never be allowed, which is why I have tabled this amendment. I beg to move.