Company Law Reform Bill [HL]

moved Amendment No. 98:"Page 75, line 15, leave out ““five”” and insert ““two””" The noble Lord said: My Lords, in Amendment No. 98 we are returning to a subject that was debated in Grand Committee at cols. GC 344 to 346 of Hansard on 9 February. With the support of the noble Lord, Lord Sharman, and my noble friend Lord Hodgson, I argued that modern corporate practice was now to limit the duration of directors’ employment contracts to one or perhaps two years—certainly not five years. The noble Lord who responded for the Government indicated that the Government were ““very sympathetic”” to the thrust of the amendment. My understanding was that more consultation was required, and it would be helpful if the House could be informed as to how far that process has gone and when there is any intention to return to the issue. I beg to move.