Company Law Reform Bill [HL]

I am aware of the comments of the institute on this matter—I read its submission—but I see no need for us to provide an obligation for a review of the sections mentioned in the proposed new clause. Of course, we try to keep all the Companies Acts under review. If there are problems, we will investigate them more closely and take steps to remedy them if appropriate. Clauses 497 to 510 are as soundly based as the rest of the Bill. They will be improved in a number of ways following our discussion today and further minor improvements may be made at later stages. Many of the provisions are simple restatements of the existing law—for example, on removal and resignation of auditors—and much of the new material, particularly on auditor resignation statements, is based on the audit directive that will be adopted shortly. It would not therefore be appropriate to single out these sections for obligatory review, notwithstanding the tempting offer of a power to make amendments by order.