Results 41–60 of 174 for speaker:Lord Sharman

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, the names of my noble friend Lord Razzall and myself are on all the amendments in this group. I shall be brief. The noble Lord, Lord Hodgson, has explained graphically and enthusiastically the rationale behind these amendments. From these Benches, we support them also.

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, the combined code is produced under the stewardship of the FSA. The Financial Services Authority is the regulatory authority for the stock exchange. When a company becomes listed, it has to sign up to the combined code. The combined code incorporates a number of things, most recently from the Higgs report.

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, I apologise. I thought that the noble Lord was going to say "as open in their remuneration reporting as we are in this country". I got ahead of him, because they are not.

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, I wish to make a couple of comments on what the noble Lord, Lord Lea, has said. He chose the Netherlands as his comparator. I know that country well; I lived and worked there for the best part of 10 years and I sit on the supervisory board of two Dutch companies. My two observations are as follows. First, the oft quoted justification regarding international business concerns the...

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, I am grateful for that intervention because I support the amendment in its totality. When we go back to the remarks made by the noble Lord on the Benches opposite about the welcome or otherwise of the OFR, one of the key issues of concern was the degree of care and the degree of liability attaching to it. If you want anything other than boilerplate reporting—it has been stated on...

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, I congratulate the Government on rebranding a part of the Bill. To the average man in the street we now have the business review, formerly known as the OFR. I also congratulate the Government on having the balance about right. As the noble Baroness said, the issue with the OFR has always been how much was in it and the degree of certainty that there had to be over the information...

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, as the noble Lord, Lord McKenzie, has said, I have added my name to Amendment No. 186 in this group. I begin by acknowledging the very significant steps taken by the Government to meet our concerns in this difficult area. As the noble Lord, Lord McKenzie, said, Amendments Nos. 186 and 185 address the same issue. There is, however, a subtle difference between the two. I will not move...

Company Law Reform Bill [HL] (10 May 2006)

Lord Sharman: My Lords, I am grateful for that explanation. I shall reflect on it before deciding whether to come back on the issue.

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: My Lords, I rise to support the noble Lord, Lord Hodgson, in these amendments. It is important to understand that current practice is for most annual general meetings of shareholders to be conducted by poll. This is not something that happened under the 1948 Act or preceding Acts. The notion of a poll under those pieces of legislation was of something that happened when the board was in...

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: My Lords, I am grateful to the Government for these amendments. They address entirely the concern that I raised in Grand Committee.

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: My Lords, the noble Lord, Lord Freeman, is absolutely right that I felt strongly about this, because I have a son who is a fund manager. The prospect of my being able to control him, or even know what he does, is limited. We must be practical about these things. Any adult child is an adult: he is separate, distinct and, particularly, not co-habiting with the family. We must recognise that. I...

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: That is an unfortunate choice of words.

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: My Lords, in Grand Committee I, too, expressed reservations about the drafting of these clauses. Since then I have unfortunately become the recipient of a derivative claim in another country that is not subject to the sort of safeguards set out here. I am acutely aware of how such claims work when there are not adequate front-end safeguards. I echo the noble Lord, Lord Hodgson: we are...

Company Law Reform Bill [HL] ( 9 May 2006)

Lord Sharman: My Lords, I support the amendment; the only difficulty that I have with it is that "two" should be "one". Given current views on corporate governance and current guidance, it is unacceptable that a director should have a contract that lasts for more than a year. That is generally the view. But five years is quite exceptional.

Company Law Reform Bill [HL] (11 Jan 2006)

Lord Sharman: My Lords, will the Minister reflect on my suggestion that dividend distribution policy should be based on a solvency test, which is a simple test: can you afford, in cash terms, to pay the dividend? It is not a structural test, it is a solvency test: can you afford to pay it? That is what is done in the United States.

Company Law Reform Bill [HL] (11 Jan 2006)

Lord Sharman: My Lords, I must first declare an interest: I am the chairman of two listed companies, and I sit on the board of two others. I, too, welcome the Bill. As the noble Lord, Lord Hodgson, said, it is long overdue. We have asked for it on many previous occasions. I welcome the aims behind the Bill, which the Minister has outlined succinctly, particularly those of simplicity in regulation. I give a...

"Funding of director's expenditure on defending proceedings (21 Oct 2004)

Lord Sharman: My Lords, during our debates on the issues surrounding this Bill, noble Lords on this side of the House have spent considerable time underscoring the desperate need for a general overhaul of company law. The noble Lord, Lord Hodgson, has spoken about that very eloquently and at length; I wish to associate myself with his remarks. An overhaul is long overdue and desperately needed. Corporate...

Companies (Audit, Investigations and Community Enterprise) Bill [HL] (14 Jul 2004)

Lord Sharman: My Lords, I echo the sentiments of the noble Lord, Lord Hodgson. The Bill is now improved and significantly workable. I am particularly pleased that the Government listened and took a great deal of action on Clause 9, which was causing some considerable difficulties on this side of the House. I should also add my thanks to the Bill team. I should not admit that it was the first time that I...

Companies (Audit, Investigations and Community Enterprise) Bill [HL] ( 7 Jul 2004)

Lord Sharman: My Lords, on the notion that this provision should apply extraterritorially and across a level playing field, we do not have to be ashamed, in any way, or worried about extraterritoriality. To those of us in business who face up to the wonderful Sarbanes-Oxley Act every day, this is the greatest piece of extraterritoriality ever seen. Why on earth should UK public companies have their chief...

Companies (Audit, Investigations and Community Enterprise) Bill [HL] ( 7 Jul 2004)

Lord Sharman: My Lords, earlier in these discussions, the noble Lord, Lord Hodgson, made reference to the song, "American Pie". I am bound to say that when I read this amendment, I was moved to quote the "Halleluja Chorus" because the Government have done a remarkably good job of responding to our concerns. Having responded to the concerns expressed in Committee so well, is this also an appropriate time...


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