Company Law Reform Bill [HL]

My Lords, I think we have agreement on what we want the outcome of this to be, but perhaps not on the process for achieving it. I listened very carefully to the noble Baroness’s arguments in favour of including a requirement to prepare, audit and publish financial statements of the independent supervisor, but I reiterate my view that such a provision is unnecessary. I have already made a commitment, in the debate in Committee, to the effect that such requirements will be included in any order made under this clause. Clause 822(5) makes it clear that these requirements can be included in the order. I am happy to confirm that the Secretary of State will do so. It would be inconceivable for an auditor general to be appointed the auditor of its independent supervisor. I hope that I have given in as clear a way as I can the assurances that the noble Baroness seeks and that she will not press the amendment.