§ Mr. Gowasked the Secretary of State for Industry on what date Cable and Wireless Limited became a company wholly owned by the Government; what has been the net profit, after tax of the company in each year since that date; how much has been paid out in each year by way of dividend since that date; and what is the market value of shares in the company.
§ Mr. Les HuckfieldThe company became wholly Government owned on 1st January 1947. The figures for 1970–71
Took up office Retired Age of appointment
Colonel Sir Arthur Stanley Angwin January 1947 April 1951 56 Major-General Sir Leslie Nicholls April 1951 February 1956 55 Sir Godfrey Ince February 1956 December 1960* 64 Sir John McPherson January 1962 November 1967 64 Colonel Donald McMillan. November 1967 February 1972 60 Mr. H. G. Lillicrap. 1st March 1972 28th October 1976 58 Mr. Edward Short 29th October 1976 To Date 63 * Died in office.
§ Mr. Gowasked the Secretary of State for Industry for what length of time Mr. Edward Short has been appointed chairman of Cable and Wireless Limited.
§ Mr. Les HuckfieldUnder the company's articles of association, all the directors, including the chairman, are subject to annual re-election.
§ Mr. Gowasked the Secretary of State for Industry what consultations he had with the court of directors of Cable and Wireless Limited in regard to the appointment of a successor to Mr. Lillicrap, before he made the appointment of the present chairman.
28Wand subsequent years are tabulated below:
Year Group profit after taxation £000 Dividend £000 1970–71 4,256 2,400 1971–72 3,639 1,500 1972–73 5,947 1,470 1973–74 7,771 1,809 1974–75 8,985 2,145 1975–76 11,286 2,730 Comparable figures for earlier years are not readily available. There is no market for the company's shares and, therefore, no market value can be quoted.
§ Mr. Gowasked the Secretary of State for Industry (1) whether he will list the chairmen of Cable and Wireless Limited since the date on which the Government acquired a majority of shares in the company, the dates on which each chairman took up and relinquished his appointment and the age of each chairman on taking up his appointment;
(2) on what date Mr. H. G. Lillicrap was appointed part-time chairman of Cable and Wireless Limited; on what date he gave up that appointment; and with effect from what date his successor has been appointed.
§ Mr. Les HuckfieldThe information is as follows:
§ Mr. Les HuckfieldIt is not customary to disclose what consultations have been held.
§ Mr. Gowasked the Secretary of State for Industry which of the directors of Cable and Wireless Limited has a service agreement with the company.
§ Mr. Les HuckfieldNone of the directors has service agreements with the company.
§ Mr. Gowasked the Secretary of State for Industry whether the part-time chairman of Cable and Wireless Limited is under a duty to give so much time to 29W the business of the company as the chairman thinks fit.
§ Mr. Les HuckfieldThe present chairman, like his predecessors, is expected to give on average three and a half days a week to the work of the company, and his salary is calculated accordingly. I am sure that he, like them, will devote much more time than this to the company when circumstances so dictate.
§ Mr. Gowasked the Secretary of State for Industry whether he will make a statement about the status and composition of the court of directors of Cable and Wireless Limited following the AGM of that company on 26th October 1976; and when he expects the adjourned AGM to be resumed.
§ Mr. Les HuckfieldUnder article 82A(2) of the company articles of association the court of directors remains in being and fully empowered to act on behalf of the company. Its composition is only altered in that a new chairman is in post and Mr. Lillicrap has retired.
The choice of a date for the resumed annual general meeting is for the company and I understand that it has not yet chosen one.