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Company Law Reform Bill [HL]

Amendment No. A246 deals with disciplinary action. Clearly, the likelihood of an Auditor General being subject to disciplinary sanctions is very remote indeed. But we cannot have an effective monitoring system without sanctions to back it up. Indeed, that is a requirement of the company law directive on auditing. Should proceedings be commenced, and where they would sit with the responsibility of Parliament in these matters, would be an extremely interesting question. That is something on which we might like to reflect. Basically, there is a possibility, at least, of it being in the framework legislation that we have. That is a requirement of the directive.