---

Pensions Bill

I appreciate my noble friend’s considerate and full reply. It was characteristic of his whole approach to his responsibilities, and I welcome that. I hope he will forgive me for saying that the complicated situation, as he honestly described it, is a good reason why we need clarification in the law. It is important that people who carry these heavy responsibilities should be in no doubt about their rights. From that standpoint, clarification is important. The other point I wish to make is one with which we have to grapple in life all the time. I suggest, in the best possible spirit, that he perhaps wants to have his cake and eat it. Supporting ethical investment and maximising return as a paramount consideration are not always reconcilable aims; there is sometimes a contradiction and you have to make a choice. That is a hard-headed point if ever there was one. I thank the noble Baroness, Lady Northover, for putting her name to the amendment. She was valiantly here until a very late hour the other night but cannot be here today. I know how much she is behind the amendments. I also thank my noble friend Lord Joffe. He was my long-suffering chair when I was director of Oxfam. The fact that we remain friends says a great deal about his generosity of spirit and patience. He brings a lot of other highly relevant professional experience to these matters. I also thank all those who participated in the debate. All of them have very real experience to offer. At this point it is always tempting to look at all the points from one’s initial remarks that have not been answered and to go over them again. That is an abuse of the Committee. I simply hope that the Minister and others will look carefully at all the arguments. I shall pick up just a couple of them. The noble Lord, Lord Skelmersdale, made a point about putting on people new obligations which would be difficult for some of them to fulfil honourably. That was well answered by my noble friend Lord Joffe, who again emphasised that this is not obligatory; it is permissive. Therefore those who want to pursue these matters, and watch and monitor them in more detail, will feel that they have the authority of the law behind them. My noble friend Lady Whitaker supported that, pointing out, in response to the noble Lord, Lord Kirkwood, that the amendments would be a protection for trustees and not an added burden. I was delighted to know that I have at least the heart of the noble Lord, Lord Kirkwood, even if I do not have his head. I hope he will forgive my saying so, but I think he is mistaken about this being simply a hearts-and-heads argument. In the context of the situations with which we are dealing, there may be very adverse consequences for investors if they pursue exploitation. It may lead to a violent situation in the countries concerned, which will disrupt all that those investors are trying to invest, achieve and do there. It is misguided and mistaken to say, as people too often do, that one argument is from the heart and the other is from the head. Sometimes it seems that the heart is more hard-headed than the head. That point should be taken more seriously. The noble Lord, Lord Kirkwood, also referred to the size of the challenge. It is a huge challenge for the future: a declining productive labour force and an increasing number of people dependent in old age. If we are a civilised society, we must struggle to ensure a decent, full life for people, with greater life expectation and the rest. However, I simply cannot accept that, in answering that challenge, we should ever be seen even indirectly to condone the securing of people’s well-being through the exploitation of women, to the breakdown of their health, at the cost of miscarriages, long hours, awful working conditions, child labour, premature death and sweated labour. How could it be acceptable in a civilised society that we achieved our well-being at that price? It has to be tackled. The Minister refers to our current obligations under various conventions, and I am glad that he takes them seriously. We have obligations under conventions, but it is in new legislation such as this that we have a chance to put some muscle into the rhetorical commitment. If we dodge that, we will bring the whole concept of making conventions into disrepute. My noble friend was very conciliatory in his reply. He talked about further deliberations and consultations. I think he suggested that he would welcome my coming and talking more about the issues at stake here. If there really is an opportunity to do that before Report, I shall very willingly withdraw my amendment. I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. Clause 67 agreed to. [Amendment No. 112ZDB not moved.] Clause 68 agreed to. Clause 69 [Functions]: