Company Law Reform Bill [HL]

My Lords, I support Amendment No. 196 and related amendments, and I urge the Government to go further. The Company Law Review recommended what became the OFR, and we have had a debate on that. The DTI drew it up; business welcomed it by and large—and that itself was welcome—but then the Chancellor knocked it back in November. We are now in a rather unique situation where on the one hand the Government are taking away sections of the Bill but on the other they are putting bits back in again, by the back door, as it were. It is to be welcomed that they are retaining some of those elements, given that they plan to take out the OFR. It is clearly welcome that environmental and community concerns will come within the business review, and I echo what my noble friend Lord Sharman said in welcoming where this has got to. But I remain concerned that certain elements are not here. I hope to be able to address some of those in the next group. It is clearly vital that we improve the transparency and accountability of companies, especially in relation to the environment and where businesses are working in developing countries. Of course there are enlightened companies, and it is notable that many of them have welcomed the idea of the reports. We are all familiar with unenlightened companies, and I mentioned yesterday those working in the DRC. The more that we can do to promote transparency and accountability in British companies through this Bill the more welcome that will be, and the easier it will be to try to bring such companies to account.