Company Law Reform Bill

So far as current law is concerned, as my noble friend will recall, we are seeking to replace the general duties in the current law with a statement of what in many instances is a codification of the current law and in others makes some change to it. The purpose of subsection (4) is to make it clear, as it says, that the duty not to accept benefits from third parties will not be infringed if the benefit cannot reasonably be regarded as likely to give rise to a conflict of interest. I paraphrase; it is the statute that matters, not my words. I was about to conclude my sentence by saying that I will write to the noble Lord and to other noble Lords who have participated in Committee today and put a copy of the letter in the Library, rather than giving an answer straight off.