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Companies Bill [Lords]

I shall reply briefly as I know that Members are anxious to get on with other matters. The hon. Member for Huntingdon (Mr. Djanogly) asked why we were deleting clause 233, which is dealt with in our amendment No. 644. The provision made by the clause will be included elsewhere—in clause 288—as a result of amendment No. 643, and applies not only to part 10 but to the whole Bill. I hear what the hon. Member for Cambridge (David Howarth) says about the balance between deregulation and the proper conduct of directors in relation to taking loans. I hope that the balance is just about right in the propositions we have put to the House tonight. My hon. Friend the Member for Newcastle upon Tyne, Central (Jim Cousins) made a most eloquent contribution. I fully accept that the issue is important and that companies should be sensitive to the pay and employment conditions of their employees generally. In another place, we agreed to consult about the case for requiring quoted companies to show in the directors’ remuneration report how they have had regard to employees. To that extent, there has been a little movement on something about which my hon. Friend expressed strong feelings in his contribution. I hope he can take heart from that. Question put and agreed to. Clause read a Second time, and added to the Bill.