Local Authorities (Investments)

Part of Oral Answers to Questions — Industry, Trade and Regional Development – in the House of Commons at 12:00 am on 11 June 1964.

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Photo of Mr Michael Maitland Stewart Mr Michael Maitland Stewart , Fulham 12:00, 11 June 1964

If the hon. Gentleman objects to doing it simply for the circumstances described in my Question, what about legislation to require that directors of companies should not devote their shareholders' or investors' money to political ends except openly? After all, the executive committee of a trade union handling its members' money cannot devote it to political ends except openly and subject to certain legal safeguards. Why should not the same rule apply to directors of a company handling money invested with it, particularly when the money comes from local authorities?

trade union

A group of workers who have united to promote their common interests.