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Companies Bill [Lords] (Programme) (No. 3)

I must preface my remarks by saying that I will, of course, vote with the Government on the programme motion. Having been absent from so many votes owing to illness, I want to burnish my record of loyalty and show just how grovelling and subservient I can be. This is a fairly shocking way to proceed, because we do not have time adequately to consider the Bill and the amendments. The Bill is based on a series of concessions to the vested interests in the field, which is the antithesis of what we should be doing—we should learn from America, where running a company has become a matter of engaging in financial manipulation to enhance the share price, which enhances the income of the people at the top through share options and pay schemes. Those dodges are being used both here and in the United States, and such practices led to the collapse of Enron and many prosecutions by the Securities and Exchange Commission, which is now, as they say in the United States, ““seeing the perps walk””. We should be countering those practices, which brought about the collapse of huge American companies and which are all practised here. We should also combat the trend towards excessive rewards and collusion between auditors and people who run companies to enhance profits, share prices and returns to shareholders and directors.