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Companies Bill [Lords]

And all the angels in heaven rejoice when one sinner repenteth. The fact is that that Bill demonstrates the emerging consensus in society, which is more important than the consensus in this place. That consensus is for greater accountability with regard to corporate power, which, whether we like it or not, is central to the way that we organise ourselves—it is the governing social form. On the issue of voluntary codes on corporate social responsibility, the hon. Members for Elmet and for Hemsworth made the point strongly that companies will often give a very good story on CSR. Some consultants are making a very good living out of CSR. But beware the veil—and in some cases, unfortunately, the mask—of corporate social responsibility. As Andrew Pendleton, senior policy officer of Christian Aid, said:"““Some of those shouting the loudest about their corporate virtues are also among those inflicting continuing damage on communities where they work””." That is why we need these amendments. The concession is welcome because, clearly, there is a problem in the complex world of corporate power, where there are joint venture companies, subsidiary companies and all kinds of complicated relationships. It was therefore important to get the amendment on suppliers and subsidiary companies. We have had particular problems with asbestos-related cases in the past, where companies have tried to avoid accountability through Russian doll-like subsidiary companies across the globe. The underlying message in the amendments is that society predated the joint stock corporation. Those companies—which were time-limited back then—were given a licence to operate by society, and we create the conditions—the legal framework and the transport infrastructure—in which they can make their profit. It is entirely acceptable to demand what the new clauses demand—statutory minimum environmental and social reporting standards. Companies must be accountable not just to their shareholders and employees, but to the wider society in which they operate.