Company Law Reform Bill [HL]

My Lords, it was not universally welcomed by companies. What I implied is that it was universally welcomed by those people who wanted developing countries, their workforces and their environment to be protected. I also understood that many companies had already started to prepare their OFRs and were rather shocked that it was suddenly withdrawn. Nevertheless, we are now discussing the business review and I welcome government Amendment No. 196. It recognises that something had to be done and that markers had to be put down on these issues. Our amendments have been tabled because we feel that that amendment does not go quite far enough. It needs to be tightened up. Like my noble friend Lord Phillips, I find it quite difficult to understand the opening paragraph of subsection (5) of Amendment No. 196. I read it as saying that everything is being done in the interests of the company’s business. It should also be done in the interests of the country in which the company is operating. I very much hope that my noble friends’ amendments will be considered by the Government, especially before the Bill goes to the other place, where I am sure there will be very similar debates to those that we have had here.