Public Limited Companies (Financial Regulation)

Part of the debate – in Westminster Hall at 3:37 pm on 13th March 2003.

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Photo of Mr Nigel Beard Mr Nigel Beard Labour, Bexleyheath and Crayford 3:37 pm, 13th March 2003

Does the hon. Gentleman not recognise the nature of the problem that Higgs addresses? That is that far too narrow and inbred a group of people occupy the posts of non-executive directors, many of them enjoying as many as eight such positions. They cannot possibly be giving adequate scrutiny to any one of them. The proposal to put the matter in the hands of a non-executive director has been made in order to prevent it from going to cronies and to broaden the pool. Nobody can pretend that there are not enough wise, sensible people in Britain beyond the 1,600 whose names appear—