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 Jonathan Djanogly Jonathan Djanogly Conservative, Huntingdon 3:37 pm, 13th March 2003

On the last point that my hon. Friend made about complying or explaining, does he agree that the problem is that even if companies explain, the institutional shareholder committees will often put a cross in the box? That means that there will be a vote against at the general meeting. Even under the current system, "comply or explain" often does not work. It has led to box-ticking, and that will get worse under the Higgs proposals.