Results 101–120 of 162 for speaker:Lord Davies of Abersoch

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, I thank my noble friend for his Question, which covers a number of important issues. The independence of auditors has been the subject of increased regulation over the past 20 years. Indeed, the Treasury Select Committee recently recommended a consultation on the issue of auditors earning fees from non-audit work and the Financial Reporting Council is planning to consult later in...

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, after Enron, considerable consideration was given to an outright ban on audit firms doing non-audit work. The conclusion was that that was not necessary and that the ethical standards board of the financial reporting system would ensure that the audit firms were independent. The FSA is also there to ensure that the audit firms are operating independently. Personally, I think that we...

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, first, we should stress that the choice of auditors is a matter for the board and shareholders. Secondly, we should remember that they have to seek re-election every year. That is the role of the board and the shareholders. We should also remember that the FRC is conducting a review of the combined code and that the Walker review is reviewing the governance of the industry. Putting...

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, it is important to highlight the fact that Europe is looking at the future of the accounting profession and that issues are coming out of the Sarbanes-Oxley legislation on the limited liability of auditors. The profession will have to learn lessons from the crisis. Europe is looking at it and we in the UK are looking at it. It is important to wait for the FRC, Walker and other...

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, it is important that we are clear on the purpose of an audit, which is to examine the accounts prepared by the directors of a company and to state whether they have been properly prepared and give a true and fair view of the results. That is exactly what the industry believes that it did. The banks are comfortable. It is their duty under the Companies Act to make sure that that happens.

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, it is important to say that there are lessons to be learnt. We will take noble Lords' comments on board, but to blame the accounting profession for the problems of the industry would be a huge mistake.

Financial Institutions: Auditors — Question (7 Jul 2009)

Lord Davies of Abersoch: My Lords, let me be clear: there are lessons to be learnt. The causes of the problems were greed, mismanagement and mispricing of risk. A whole series of issues caused the crisis. I do not disagree that it is critical that the accounting profession learns lessons from the crisis. It cannot walk away and say, "We weren't involved in it". I agree with the comments that have been made. The...

MG Rover — Statement (6 Jul 2009)

Lord Davies of Abersoch: My Lords, my noble friend has made a number of interesting comments. We only received this report on 11 June and, given the complexity and seriousness of this issue, the Government's response has been very speedy. Given also the infrequency of such reviews and inquiries, there will always be lessons to be learnt on timescale and cost, but overall I repeat that we must make sure that we do...

MG Rover — Statement (6 Jul 2009)

Lord Davies of Abersoch: My Lords, first, I disagree with the noble Lord on one issue. The automotive industry remains the key industry for the UK. Whether that involves advance engineering or the automotive industry in general, the collapse and problems around MG Rover were not the end of the industry in the UK—far from it. We remain a huge producer of car engines, and it is a very important industry for us. The...

MG Rover — Statement (6 Jul 2009)

Lord Davies of Abersoch: My Lords, the noble Lord has raised a range of issues. It is intended that when the report is published it will be made available online and free of charge. It is important to state that this was an arm's-length, independent and thorough investigation and review of a complex and detailed issue. This was not just one company because there were about 33 subsidiaries and related companies. Some...

MG Rover — Statement (6 Jul 2009)

Lord Davies of Abersoch: My Lords, with your permission, I will now repeat an Answer made by my honourable friend the Minister for Business, Regulatory Reform and Employment Relations in the other place in response to an Urgent Question: "On 31 May 2005, the then Secretary of State for Trade and Industry appointed Guy Newey QC and Gervase MacGregor, forensic accountant at BDO Stoy Hayward, to examine the issues...

Written Answers — House of Lords: Broadcasting: Analogue Radios (6 Jul 2009)

Lord Davies of Abersoch: Under the Waste Electrical and Electronic Equipment (WEEE) Regulations, householders can dispose of any WEEE, including analogue radios, either direct to distributors where they offer a take-back service on the purchase of a replacement product of equivalent use; or via local authority civic amenity sites which have been approved as designated collection facilities (DCFs). Under the WEEE...

Written Answers — House of Lords: Israel (29 Jun 2009)

Lord Davies of Abersoch: The data requested are shown in the following table: £ million UK exports of goods to Israel UK exports of services to Israel UK imports of goods from Israel UK imports of services from Israel 2006 1308 447 965 297 2007 1257 475 1045 305 2008 1337 1153 Sources: ONS monthly review of external trade statistics and UK Balance of Payments Pink Book Geographical...

Written Answers — House of Lords: Media: Salaries (29 Jun 2009)

Lord Davies of Abersoch: Companies are already obliged to lodge their annual financial accounts with Companies House and we have no intention to add unnecessarily to the existing legislative burden. The noble Lord will be aware that all new legislation must be preceded by an impact test so if he has any evidence that suggests that the benefits of further legislation would indeed out-weigh the disadvantages, then we...

Written Answers — House of Lords: Arms Exports (24 Jun 2009)

Lord Davies of Abersoch: The UK has one of the most robust arms export licensing regimes in the world. All export licence applications, including any for Sri Lanka, are rigorously assessed on a case by case basis against the Consolidated EU and National Arms Export Licensing Criteria (which incorporates the EU Code of Conduct). Assessments of applications take account of all available information at the time of the...

Written Answers — House of Lords: Businesses: Redundancy (23 Jun 2009)

Lord Davies of Abersoch: BIS Ministers and officials have frequent discussions with retailers and their representative organisations on a wide range of issues of importance to the prosperity of the sector and will continue to do so. In addition, the Retail Policy Forum, which is broadly representative of the sector, meets regularly to engage with Government on emerging policy challenges, threats and opportunities....

Written Answers — House of Lords: Mutual Recognition Regulation (23 Jun 2009)

Lord Davies of Abersoch: Regulation 764/2008 seeks to improve the operation of the principle of mutual recognition of goods, which already exists in EU law, whereby products which are lawfully on sale in one member state should be accepted in other member states' markets. The regulation has two main elements. Firstly, it sets out a procedure national enforcement authorities must follow when deviating from the...

Written Answers — House of Lords: Safety Standards (23 Jun 2009)

Lord Davies of Abersoch: The Government have no formal plans to work with European counterparts on hotel safety standards. The British Hospitality Association is involved, through its European association, in working with the European Council in respect of Recommendation 86/666/EEC, which relates to hotel fire safety.

Written Ministerial Statements — House of Lords: UK Trade and Investment (17 Jun 2009)

Lord Davies of Abersoch: With my right honourable friend, the Secretary of State for Foreign and Commonwealth Affairs, I am pleased to inform the House that in these difficult times for the global economy, the UK is maintaining its status as a world-class business destination. UK Trade and Investment has announced today, in its launch of UK Inward Investment Results 2008-09, that there were 1,744 direct investments...

Written Ministerial Statements — House of Lords: Business Support (16 Jun 2009)

Lord Davies of Abersoch: My right honourable friend the Minister for Business, Innovation and Skills (Pat McFadden) has today made the following Statement. Yesterday, we launched a consultation on measures aimed at enhancing further the rescue culture, to give struggling, but viable, companies a greater chance to succeed, thus saving jobs and providing better returns to creditors. In particular, the proposals...


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