§ Mr. HaselhurstTo ask the Secretary of State for the Environment what is his policy in relation to special shares in water public limited companies.
§ Mr. Chris PattenThe existing articles of association of the English water plcs seek for a period of five years to prevent the ownership or control by any one person of 15 per cent. or more of the voting rights. My consent as special shareholder is required before any change to this provision. The privatised water companies are embarking on a major capital investment programme to achieve a number of environmental objectives and it is important that there is a period of stability and ownership of management through the protection of the special share. It is not my intention, therefore, either to redeem my special share before 31 December 1994 or to consent to a change to the provision on ownership or control.