HC Deb 21 December 1984 vol 70 cc357-8W
Mr. Blair

asked the Chancellor of the Exchequer if he will publish in the Official Report a table showing, for each of the public corporations privatised during the period 1979 to 1984 (a) the number of shareholders by size band of holding immediately after flotation and (b) the same information at each succeeding 31 December.

Mr. Moore

I shall let the hon. member have a reply as soon as possible.

Mr. Blair

asked the Chancellor of the Exchequer if he will publish an update of the table on shareholdings in privatised public corporations given in reply to the hon. Member for Carrick, Cumnock and Doon Valley (Mr. Foulkes) on 29 July, Official Report, columns 725–8.

Mr. Moore

I shall let the hon. member have a reply as soon as possible.

Mr. Blair

asked the Chancellor of the Exchequer if he will publish a table showing for each of the public corporations privatised in the period 1979 to 1984 (i) the gross proceeds from flotation or sale, (ii) the prior claims on such proceeds to meet contingent liabilities such as underfunded pension schemes, (iii) commissions, fees, advertising expenses and so on paid to merchant bankers and other advisers and (iv) the net proceeds accruing to the Consolidated Fund.

Mr. Moore

I shall let the hon. Member have a reply as soon as possible.

Mr. Blair

asked the Chancellor of the Exchequer if he will publish a list of merchant banks which have performed work either for the Government in the process of privatising public corporations, or for the public corporations themselves, giving the total sums paid to them from public funds, analysed by the particular privatisation involved and the nature of the expense such as fees and underwriting commissions.

Mr. Moore

A table showing the merchant banks who have advised the Government or acted as underwriters in the major privatisations to date was given in reply to the hon. Member's earlier question. This brought up to date the information given in reply to the hon.Member for Thurrock (Dr. McDonald) on 3 April 1984.

My earlier reply to the hon. Member also gave the total cost of the fees and commissions paid to the firms listed, for each privatisation. It is not our practice to disclose the value of individual contracts between Departments and their advisers.

The appointment of advisers by the companies concerned is a matter for them, not the Government.

Mr. Blair

asked the Chancellor of the Exchequer what steps he is taking to ensure that the limitations on the size of non-Government individual shareholdings written into the articles of association of privatised public corporations are not breached, whether through the use of nominee shareholdings or through individuals acting in concert.

Mr. Moore

Where a limitation on the size of individual shareholdings appears in a company's articles of association, it is for the company to see to its enforcement. The Companies Act 1981 requires disclosure of individual shareholdings in a public company above 5 per cent. at 1 per cent. intervals thereafter, and gives such companies extensive powers to investigate the ownership of their shares. Failure to provide information requested under the relevant provisions of the Act is a criminal offence and provides grounds for an application to the court disenfranchising all the shares in question. In addition the Department of Trade and Industry have power to investigate the ownership of shares under the Companies Act 1948.