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Company Law Reform Bill [Lords]

If there is a feeling that we need to do more to help companies in such circumstances we will, of course, do so. However, we will want to ensure that any proposal is workable, strikes the right balance and is not open to abuse, because there has been worry about that. If the hon. Gentleman can make proposals that would help people who would otherwise be subject to such harassment, the Government will consider them. He might be interested to know that we had quite extensive discussions with several pharmaceutical companies about the matter, and as I understand it, they are happy with our approach. Part 9 of the Bill deals with the ability of indirect investors to exercise governance rights. It might be helpful if I tell the House—especially the official Opposition—that the Government intend to reverse an amendment that was successfully made in the other place, which on the face of it extends the exercising of members’ rights for shareholders who hold shares through nominees. I understand perfectly well what the official Opposition were trying to do, and I am not against extending the democratic process in such a way, but subsequent to the passing of the amendment, many representations have been made suggesting that the measure now in the Bill would be pretty unworkable and expensive. We thus propose to table a further amendment, and my right hon. Friend the Minister for Industry and the Regions will hold discussions with the spokesmen for other parties in the House with a view to trying to get a measure that is actually workable.