Company Law Reform Bill [HL]

moved Amendment No. A248: "Page 392, line 31, at end insert—" ““(   )   The report referred to in subsection (1) shall contain financial statements drawn up for such periods as shall be directed by the Secretary of State. (   )   The financial statements shall comprise an income and expenditure statement, a balance sheet and such other matters as shall be directed by the Secretary of State. (   )   The financial statements shall be audited by a person eligible for appointment as a statutory auditor other than those persons mentioned in section 823(1).”” The noble Baroness said: Amendment No. A248 inserts another few subsections into Clause 828, which sets out the reporting arrangements for the independent supervisor. Clause 828 requires a report on the discharge of the functions of the independent supervisor. My amendment says that that report should include financial statements and that those financial statements should be audited, though, of course, by somebody other than the Auditors General who are being supervised. This is really about financial transparency. The independent supervisor will receive grants and he will collect any fines. Thus there will be some form of public cost of the independent supervisory arrangements and there could be some form of money-go-round in relation to fines. As Parliament will have some interest in knowing about that, I have drafted these modest information requirements. I beg to move.