Directors' Emoluments (Investment Trusts)

Oral Answers to Questions — Economic Affairs – in the House of Commons at 12:00 am on 12th May 1966.

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Photo of Mr John Lee Mr John Lee , Reading 12:00 am, 12th May 1966

asked the First Secretary of State and Secretary of State for Economic Affairs if he will refer to the National Board for Prices and Incomes the emoluments payable to directors of firms subscribing to investment trusts on behalf of the directors without the shareholders being informed.

Photo of Mr William Rodgers Mr William Rodgers , Stockton-on-Tees

No, Sir. But as my right hon. Friend the Prime Minister told the House last week, my right hon. Friend the President of the Board of Trade is already considering what provisions might be included in the Companies Bill about these matters.

Photo of Mr John Lee Mr John Lee , Reading

Does my hon. Friend not consider that this matter is rather more urgent and that it is important that the utmost light should be shone on the discreditable antics of the Garda and Second Premier Trust, and other instances of this kind? Would he not agree that, without this scrutiny, a national incomes policy would be unrealistic and unjustifiable?

Photo of Mr William Rodgers Mr William Rodgers , Stockton-on-Tees

I have great sympathy with what my hon. Friend says, but if we agree on the main object of any inquiry the question is what is the best possible means to achieve it. We think that the Companies Bill is the right way to go about it.

Photo of Mr Patrick Jenkin Mr Patrick Jenkin , Wanstead and Woodford

When will the Companies Bill be introduced? How much longer have we to wait for this really substantial amendment to company law?

Photo of Mr William Rodgers Mr William Rodgers , Stockton-on-Tees

The House will not have to wait longer than is necessary.