Lords Amendment

– in the House of Lords at 6:52 pm on 4th November 2002.

Alert me about debates like this

Votes in this debate

2 Page 1, line 8, at end insert— "(4) In managing its affairs the OFT must have regard to the generally accepted principles of good corporate governance."

Photo of Lord Hunt of Wirral Lord Hunt of Wirral Conservative

rose to move, as an amendment to the Motion that the House do agree with the Commons in their Amendment 2A, leave out from "House" to the end and insert "do disagree with the Commons in their Amendment 2A, and do insist on Lords Amendment 2".

Photo of Lord Hunt of Wirral Lord Hunt of Wirral Conservative

My Lords, in moving Amendment No. 2B I point out to the Minister that the amendment originally agreed to in this House was taken directly from the Government's own words in the Financial Services and Markets Act. The Government's amendment asked the Financial Services Authority to have,

"regard to the generally accepted principles of good corporate governance".

That is a direct read-across to this position. I beg to move.

Moved, as an amendment to the Motion that the House do agree with the Commons in their Amendment No. 2A, leave out from "House" to the end and insert "do disagree with the Commons in their Amendment No. 2A, and do insist on Lords Amendment No. 2".—(Lord Hunt of Wirral.)

Photo of Lord Sharman Lord Sharman Liberal Democrat

My Lords, I strongly support the amendment moved by the noble Lord, Lord Hunt. I was present for the majority of the debate on this issue at the time the Financial Services and Markets Bill was before your Lordships' House. The amendment previously accepted here says "have regard to". That is not the same as "must adhere to". To have regard to is to take into account. It was evident to me from the time I looked at audit and accountability in central government that elements of generally accepted corporate governance do indeed read across.

On Question, Whether the said amendment (No. 2B) shall be agreed to?

Their Lordships divided: Contents, 147; Not-Contents, 129.

Division number 6 Private Parking: Ports and Trading Estates — Lords Amendment

Aye: 145 Members of the House of Lords

No: 127 Members of the House of Lords

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Resolved in the affirmative, and amendment agreed to accordingly.