Clause 447
Company Law Reform Bill [Lords]
3:54 pm

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Liability for false or misleading statements in reports

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Question proposed, That the clause stand part of the Bill.

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Justine Greening (Putney, Conservative)

The clause is clearly intended to act essentially as a safe harbour clause. I want some clarification from the Minister of whether it will apply  to all companies, not just quoted companies and those who have to do a business review. Clearly, we would like to see the business review used as a method of promoting corporate and social responsibility among as many private companies as possible. It is therefore important that the safe harbour will apply to all companies, not just quoted companies doing the business review. If the Minister can provide that assurance, it would be very helpful.

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Margaret Hodge (Minister of State (Industry and the Regions), Department of Trade and Industry; Barking, Labour)

The answer is yes.

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Justine Greening (Putney, Conservative)

I am pleased to receive that assurance. It is extremely good news for the companies.

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Question put and agreed to.

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Clause 447 ordered to stand part of the Bill.

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Clause 448 ordered to stand part of the Bill.

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