§ 51. Mr. T. WILLIAMSasked the President of the Board of Trade whether his attention has been drawn to the recent case of the directors of a company having been prevented only by an organised campaign by their shareholders from proposing at a meeting convened on a Saturday, and in a provincial centre, to increase the directors' remuneration by many thousands of pounds; and will he, when amending the Companies Act, 1929, insert a Clause to render it impossible in future for a board of a public company to increase their own salaries until the relative proposal has been approved by a three-fourths majority of the equity capital at an ordinary meeting and confirmed by an extraordinary meeting 21 days later or, alternatively, by application to and by order of a judge of the High Court?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Hore-Belisha)I have seen reports in the newspapers that at the recent annual ordinary general meeting of a limited company a 828 resolution, of which notice had been given, was moved to establish a system of contingent remuneration for directors, and, after discussion, consideration of the proposal was postponed. The suggestion of the hon. Member will be noted for investigation when the amendment of the Companies Act is under consideration.
§ Sir A. M. SAMUELWill my hon. Friend consider, in order that wider publicity may be given to this question and answer, allowing the question and the answer to be published in the Board of Trade Journal?
§ Mr. HORE-BELISHAI shall be happy to consider that suggestion.
Captain CROOKSHANKMay I ask whether any rules or restrictions of this kind exist as regards the salaries of trade union leaders? Do they have to have similar authority?