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Company Law Reform Bill [HL]

My Lords, that is exactly what I was going to say; it is funny that the noble Lord should say that. This concerns the concept of OFR, which has been raised. I think that my noble friend Lord Sainsbury will be dealing with that at a later stage. I therefore pass the baton deftly to him. If the noble Lord, Lord Clinton-Davis, will remain patient, he will hear the answer. I think I dealt last with Amendment No. 79F. I am sorry, it takes a few moments, but I should give a proper response to all the amendments, because powerful and important points have been made by my noble friends Lady Thornton and Lord Lea. Much that I said on the non-pre-empting amendments applies to Amendments Nos. 80 to 85 to the same effect. Amendment No. 87 is the last one to which I must particularly refer to, although if my noble friends think that I have not dealt properly with any of the other amendments, we will do so. Amendment No. 87 is distinct. I was not surprised that the noble Lord, Lord Freeman, supports it, given what had happened before. I am happy to recommit the Government to the publication of non-statutory guidance on the statutory statement of director’s general duties. I said that in Grand Committee, and am happy to repeat it here. We want to improve accessibility in this important area of financial activity, and I share the view of others that it would therefore be helpful to have guidance, playing a role in achieving that aim. I am also happy to give a commitment that the Government will consult on that guidance. I am therefore content to accept the substance of the amendment. I take issue with my noble friend simply on whether it is necessary to put it in statutory form. Having raised the point, and had those assurances from the Dispatch Box, I hope my noble friends will not think it necessary to press for an express statutory reference but, rather, to accept the promises that I have made on the Government’s behalf. I hope that covers the amendments that have been spoken to, and repeat my thanks for the important points made by others who contributed to the debate. I commend Amendment No. 79 to the House.