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Company Law Reform Bill [Lords]

The hon. Gentleman totally misconstrues what Conservative Members did in that Committee. As the record will show, we were voting against the total mess of a process produced by the Government on the OFR—and he knows it. He got it wrong from the start and in the middle, and now he has got it wrong again at the end. We will proceed from the position of what is right for British business. When the proposed directors’ duties provisions are added to the provisions on derivative claims and the new business review reporting arrangements, all of which, admittedly, were improved in the Lords Committee, we must still listen to those who say that the Bill could increase the possible liabilities for company directors. We will wish to review the matter in Committee. There is a growing fear in the business community and among Conservative Members that if the regulatory environment is made too harsh and the fear of litigation becomes too great, the best people will not wish to be company directors in the UK and many of our companies will repatriate or re-list overseas. The stakes are high, and we will keep that in mind throughout the passage of the Bill.