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Companies Bill [HL]

moved, as an amendment to Amendment No. 254B in lieu, AmendmentNo. 245D: 245D Line 4, at end insert- Information under subsection (5)(c) shall be prepared in accordance with statements of standard reporting practice that the Secretary of State shall ensure are issued.”” The noble Lord said: My Lords, the Minister made what I thought was an inadequate argument as to why this amendment should not be passed. So far as I could see, the only substantive point he made was that the CBI and the Institute of Directors do not want it. It may come as news to the Minister that there is quite a lot that the CBI and the Institute of Directors do not want, but that is not normally a reason for the Government not doing something. As I said when speaking to the previous amendment, the major purpose behind this amendment is to ensure that there are common standards so that investors in companies, particularly those who wish to invest on an ethical basis, have a community of standards that they can see from the reporting standards which can only be brought in by the Government. I do not accept the argument that the CBI does not want it as a reason for refuting the arguments which have been made by NGOs. I therefore beg to move Amendment No. 245D as an amendment to Amendment No. 245B in lieu, and I should like to test the opinion of the House. On Question, Whether the said amendment(No. 245D) shall be agreed to? *Their Lordships divided: Contents, 48; Not-Contents, 192. [*See col. 482] On Question, Amendments Nos. 245A and 245B, in lieu of Commons Amendment No. 245, agreed to.