Enterprise and Regulatory Reform Bill

The noble Lord, Lord Stevenson, probes again—quite reasonably, if I may say so. I just want to make it clear that the Government, as the main shareholder—indeed, the only shareholder—will be holding it to account at every angle. Also, Clause 5 treats the bank as if it were a quoted company. Therefore it is subject to the Companies Act, which imposes three quite important criteria. First it will be required to produce a directors’ remuneration report, about which there will be more later in this Bill. It will be required to publish its annual accounts and reports on a website. It will be required to produce an enhanced business review, under which the directors must report on matters such as main trends and factors likely to affect the company’s business and environmental matters. We believe that that has enhanced transparency, public transparency, in addition to the watchful eye of government in terms of getting return on our investment. I hope that satisfies the noble Lord on what I consider a very important probing amendment.