§ 3. Mr. Normantonasked the Secretary of State for Trade and Industry when he expects to complete his review of the companies legislation, with particular regard to the protection of minority interests in private companies.
§ Mr. John DaviesI cannot yet say when the review will be completed, but this question comes within it.
§ Mr. NormantonWhilst thanking my right hon. Friend for the assurance that this anomalous situation will be dealt with in the forthcoming study, may I urge upon him the need to give considerable consideration to the subject since it is causing acute anxiety to a large number of people in private limited companies in particular?
§ Mr. DaviesI assure my hon. Friend that the particular problem which he raises is well within the sphere of matters considered by us at the present stage, particularly with reference to the situation in private companies.
§ Mr. DellDoes the right hon. Gentleman's Answer mean that no further action will be taken to improve financial disclosure requirements in the foreseeable future?
§ Mr. Davies"Foreseeable future" is a fairly indeterminate expression. It is our intention to make a complete review of company law, and we are now engaged in this. In the light of that complete review we shall reach conclusions about any interim measures which we consider suitable.
§ Sir J. RodgersCan my right hon. Friend say whether this review will look into the problem of a minority group controlling large companies, and see that all classes of shareholders have equal voting rights?
§ Mr. DaviesI can give my hon. Friend that assurance.