HC Deb 26 June 1928 vol 219 cc207-8
3. Mr. LOOKER

asked the President of the Board of Trade whether his attention has been drawn to the proposed acquisition by one of the large stores of the business of a well-known drapery establishment and to the fact that it is proposed to pay two directors of the business to be acquired the sum of £25,000 as compensation for loss of office; and will he consider strengthening the Clause inserted in the Companies Bill in Committee providing for disclosure of payments received by directors for loss of office, so that such payments shall not only be disclosed to the shareholders on all occasions but shall also be receivable only when the approval of the shareholders thereto has been obtained?

Sir P. CUNLIFFE-LISTER

I have seen reports in the Press to the effect mentioned in the first part of the question. As regards the second part, there will no doubt be an opportunity for considering the Clause, and any Amendments proposed, when the Bill is discussed on Report stage.

Mr. LOOKER

Will the right hon. Gentleman give the whole question consideration in the meantime, with a view to putting Amendments down.

Sir P. CUNLIFFE-LISTER

I am doing that, and, as at present advised, I propose to put down an Amendment which will somewhat alter the provisions as they finally left the Committee.

Mr. A. V. ALEXANDER

Is it the intention of the Government to proceed with the Report stage?

Sir P. CUNLIFFE-LISTER

Yes, provided we can get the Bill through in a reasonable time, I think the whole House want to see it passed.

Mr. LOOKER

When is the right hon. Gentleman's Amendment likely to be put on the Paper?

Sir P. CUNLIFFE-LISTER

I will certainly see that any Amendments that I have are put down well before the Report stage, but any Amendments which I put down will be on the lines suggested.

Mr. ALBERY

Can the right hon. Gentleman give us any idea when the Report stage is likely to be?

Sir P. CUNLIFFE-LISTER

That question must be addressed to the Prime Minister.

Mr. MACQUISTEN

What was the value of the office which these directors are losing, for the amount of compensation largely depends on the value of the office?

Sir P. CUNLIFFE-LISTER

Obviously I cannot answer that question.