Company Law Reform Bill [HL]

My Lords, I am talking about open-market economies. Some people say that of course we cannot compare ourselves with Sweden because Sweden’s openness to international trade in the global sense is not the same as ours. However, as regards exposure to world trade, Holland—the Netherlands—has exactly the same structure as we do. Therefore, the justification is not to do with the rise of globalisation. Incidentally, if it were, noble Lords who argue that way would contradict themselves. On the one hand, we are supposed to think that globalisation demands that there is greater inequality. But when the point is put explicitly, people say that that is not true. There would be a huge political backlash in Britain on the question of globalisation if people thought that it led to greater inequality. The consequence of that assertion would be the growth of protectionism. We are not advocating protectionism; those people who are doing nothing about that image of globalisation are encouraging protectionism. That was a necessary digression, as it would constitute the only argument one could put—if there were an argument—for not accepting the degree of transparency that we are discussing. The measure does not demand justification, although people will have to analyse the figures themselves. It would give people the opportunity to observe the totality of the company’s remuneration policy. I trust that my noble friend the Minister will have no difficulty in accepting the amendment. I beg to move.