§ 33. Mr. Beswickasked the Chancellor of the Exchequer what reports were made in the past three years to Her Majesty's Government by Viscount Alanbrook and Sir Thomas Gardiner, as Government-appointed directors upon the Board of the Anglo-Iranian Oil Company, about the difficulties into which the company was getting over the agreement with the Iranian Government; and through what channels these reports were made.
§ Mr. MaudlingI regret that I cannot disclose information about communications which pass between Her Majesty's Government and their representatives.
§ Mr. BeswickDoes not the hon. Gentleman think that in this case some of the trouble might have been averted if better information had been forthcoming about the crisis that was looming up? Is it not rather remarkable that these two gentlemen, appointed by the Government, considered this a very unimportant part of their activity?
§ Mr. MaudlingThroughout the tenure of office of both Governments close contact has been maintained between the Government and the oil companies.
§ Sir Edward KeelingIs it not a fact that when the Government acquired a majority shareholding in this company they suggested that while the Government directors should not interfere in the day-to-day administration of the company they should take an interest in the political affairs?
§ Mr. MaudlingI think that the matter of the powers of Government directors arises on the next Question.
§ Mr. BeswickWill the hon. Gentleman answer the last part of my Question?
§ Mr. MaudlingThe channel through which these reports should have been made are the appropriate Government Departments.
§ Mr. BeswickWhat are the appropriate Government Departments?
§ Mr. MaudlingIt depends upon the subject.
§ 34. Mr. Beswickasked the Chancellor of the Exchequer what amount of the nominal capital of the Anglo-Iranian Oil Company is held by Her Majesty's Government; what proportion of the total nominal capital this represents; and what proportion of the board of directors of the company are nominated by Her Majesty's Government.
§ Mr. MaudlingThe authorised capital of the Anglo-Iranian Oil Company is £33 million. Out of a total of £20,137,500 of issued ordinary stock Her Majesty's Government own £11,250,000, i.e., about 56 per cent. Out of a total of £12,706,252 of issued preference stock Her Majesty's Government hold £1,000.
Her Majesty's Government have the right to appoint two directors to the board of the company.
The total number of directors on the board is 12.
§ Mr. BeswickDoes not the hon. Gentleman think that the financial holding of the Government, and the political and social consequences of the activities of the company, are such that the Government's representation should be increased not only in quantity but in quality?
§ Mr. MaudlingNo, Sir. I do not think the quality of representation could be improved. As to quantity, Government directors have powers additional to those possessed by ordinary directors in that they have the right of veto over any decision of the board, subject to an appeal by the board as a whole to Her Majesty's Government.
§ Sir E. KeelingI rather thought my hon. Friend said he was going to answer my previous supplementary on this Question.
§ Mr. MaudlingI thought that my statement on the powers of Government directors would cover the point which my hon. Friend had in mind.
§ Sir E. KeelingIt does not.