§ Mr. Austin MitchellTo ask the Secretary of State for Trade and Industry if he has any plans to propose legislation under which all political donations by any company would require a specific resolution at the annual general meeting.
§ Mr. RedwoodNo. There is a general requirement in the Companies Acts for directors' reports to disclose the amount and beneficiary of any money given for political purposes exceeding in aggregate £200. This report must be circulated to all shareholders before the annual general meeting. Shareholders may then comment on the donations and put down resolutions on them in the same way as they can for other aspects of the management of the company's funds. In the Government's view this gives shareholders sufficient protection.