Proceeding contribution from Lord Sainsbury of Turville (Labour) in the House of Lords on Tuesday, 9 May 2006. It occurred during Debate on bill on Company Law Reform Bill [HL].

Company Law Reform Bill [HL]

My Lords, I am afraid that there are no powers to require the disclosure of beneficial ownership. It is almost impossible to define and extremely easy to evade. Clause 139 requires at least one director to be a natural person. We do not think it right to prohibit corporate directors entirely because the facility is useful for some organisations, particularly trade associations. Indeed, it is a requirement for open-ended investment companies. We cannot use this part of the Bill to help. On Question, amendment agreed to. Clause 16 [Issue of certificate of incorporation]: [Amendment No. 9 not moved.] Clause 17 [Effect of registration]:

Secondary information

Type: Proceeding contribution
Reference: 681 c786
Session: 2005-06
Chamber / Committee: House of Lords chamber
Subjects: Disclosure of information Animal welfare Company law Companies Directors Animal experiments Finance Environment Investment Documents Harassment Ethics Foreign companies Public companies Private companies Shares Shareholders
Legislation: Company Law Reform Bill (HL) 2005-06
Link: View this Proceeding contribution on www.publications.parliament.uk

Company Law Reform Bill [HL]

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