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Companies Bill [Lords]

I regret that I cannot give way because of the time. I apologise. We have provided for shareholders and companies to be able to look after their interests. If directors have created a conflict—in some cases they will not be aware that the conflict is about to arise, but in the case of multiple directorships it is possible that they will be aware—they must resolve that conflict and the company’s interests must come first. It is important that, in order to give greater protection and to safeguard the interests of shareholders, investors and the companies themselves, we do not give discretion to directors to the extent that the Conservatives propose. We have to constrain it; we have to ensure a balance. We believe that we have got that balance right; we believe that we should stick to it.