§ 12. Mr. SheermanTo ask the Chancellor ofthe Exchequer what steps he is taking to increase the influence of small investors in corporate governance. [27044]
§ Sir George YoungI expect that the work of the Greenbury committee, and the successor to the Cadbury committee will continue to bring improvements in corporate governance.
§ Mr. SheermanIs the Minister aware that many small shareholders in middle England would have thought that the Chancellor was an iron Chancellor if he had used his speech last night at the Mansion House to tell the City's institutional barons that it is about time they cleaned up their act, and stopped using their block vote to deprive ordinary shareholders of a voice at the annual meetings of companies?
§ Sir George YoungThe average small shareholder has done well under a Conservative Government. Since 1979, the average small shareholder with a portfolio of UK shares will have seen a real rate of return of 10 per cent. per annum. The Government have extended the benefits of shareholding. There were 3 million shareholders when we started, while there are 10 million today.