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Companies Act 2006

Part of Oral Answers to Questions — Business, Innovation and Skills – in the House of Commons at 10:30 am on 15th March 2012.

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Photo of Alun Michael Alun Michael Labour, Cardiff South and Penarth 10:30 am, 15th March 2012

I thank the Minister for that reply. He spells out the need for directors to make judgments that look after the long-term interests of the company in accordance with section 172. Will he take this opportunity to confirm that specific regulatory requirements, which are very often referred to as tick-box requirements, in no way trump, or have to be regarded as superior to, the responsibility of directors to make the sort of judgments referred to section 172, to which he referred in his reply?