§ Mr. WatersonTo ask the Secretary of State for Trade and Industry what representations she has received with regard to(a) introducing regulation in an attempt to prevent fraud by corporate executives, and (b) introducing penalties to further discourage fraud by corporate executives; and if she will make a statement. [69080]
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§ Mr. WilsonThe Government's White Paper, published on 16 July, in response to the Company Law Review includes a proposal for codification of directors' general duties, with civil remedies for breach of director's duties if a workable scheme can be devised. The White Paper also proposes extending the existing offence for misleading the auditors of a company and proposes a new duty on directors to volunteer information to auditors where such information is necessary for the performance of auditors' duties.
In addition the Enterprise Bill provides for the introduction of criminal sanctions for individuals who enter into cartel agreements.