HC Deb 18 October 1976 vol 917 cc935-6
12. Mr. Shersby

asked the Secretary of State for Trade when he expects to receive the report of the Bullock Committee on company law and if it is the Government's intention to legislate in the light of its recommendations in the next Session of Parliament.

Mr. Clinton Davis

My right hon. Friend expects to receive the committee's report by the end of this year, after which it will be the Government's intention to place legislation before Parliament as soon as possible.

Mr. Shersby

Does the Minister accept that there is considerable interest about this report in the business community? Will he undertake to introduce a separate Bill dealing with the company law aspects of the committee's report?

Mr. Davis

There is considerable interest throughout the community on both sides of industry about the matter, but we should await the result of the report before defining the legislative process that we are able to undertake.

Mrs. Dunwoody

Will my hon. Friend resist any attempts by the EEC Commission to change our company law in a way that would actually lower the safeguards that we have? Does he agree that we have a heavy responsibility in this sector? I hope that he will safeguard it.

Mr. Davis

I hope we shall be able to do that. We are keeping the proposals made by the EEC under close surveillance, and, of course, there is a considerable input of British thinking into the views that it is currently canvassing.

Mr. Lawrence

Will the Government introduce a Green Paper so that this matter can be fully considered by all the parties affected? Does he agree that the Government should not rush into ill-considered and hasty consideration of such matters?

Mr. Davis

There is no question of that. The Bullock Committee is carefully considering the full range of problems. We will have to await the outcome of the committee's considerations before we determine our next course in the legislative process.