§ Mr. Austin MitchellTo ask the President of the Board of Trade what legislation governs appeals by shareholders against the decisions of the Financial Reporting Review Panel.
§ Mr. Neil HamiltonSection 245B of the Companies Act 1985 provides that a person authorised by the Secretary of State may make an application to the courts for a declaration that annual accounts of a company do not comply with the requirements of the Act and for an order requiring the preparation of revised accounts. The Financial Reporting Review Panel—FRRP—has been so authorised. It is for the courts to decide the merits of any case brought by the FRRP. Since the FRRP exercises public law functions under section 245B it is thought that the courts would decide that it is a body subject to judicial review, although this issue has not been before the courts. It is for the courts to decide who could bring applications for judicial review.