Public Limited Companies (Financial Regulation)

Part of the debate – in Westminster Hall at 3:02 pm on 13th March 2003.

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Photo of John McFall John McFall Chair, Treasury Committee 3:02 pm, 13th March 2003

On stock options, I used the words of Sir David Tweedie, the president of the International Accounting Standards Board. They were not my words. He said that stock options were used by executives, who get a cheap price, inflate the share option and profit themselves while the health and welfare of the company is disadvantaged in the medium and longer term. He warned us that that practice is widespread in the United States, and that we should not have it in the United Kingdom. I quoted an eminent authority.