Company Law Reform Bill

moved Amendment No. 215:"Page 90, line 9, leave out from ““unless”” to end of line 10 and insert ““particulars of the proposed payment (including its amount) are included in or sent with any notice of the offer made for their shares which is given to any shareholders””" The noble Lord said: Amendment No. 215 is a probing amendment. It would be helpful if the Minister could explain why it is now necessary for payments to a director in connection with a share transfer to be approved rather than disclosed to target shareholders. This new approval requirement does not add significantly to shareholder protection, provided that there is a clear requirement to disclose the payment, and may be a significant additional burden for companies. I beg to move.