Moved by
Viscount Younger of Leckie
84AHD: Clause 72, page 71, line 23, at end insert—
“(5A) Nothing in section 226B or 226C applies in relation to a remuneration payment or (as the case may be) a payment for loss of office made to a person who is, or is to be or has been, a director of a quoted company before the earlier of—
(a) the end of the first financial year of the company to begin on or after the day on which it becomes a quoted company, and
(b) the date from which the company’s first directors’ remuneration policy to be approved under section 439A takes effect.”
84AHE: Clause 72, page 71, line 30, leave out “Subject to subsections (3) and (4),”
84AHF: Clause 72, page 71, line 41, leave out “it” and insert “—
(a) subsection (2) does not apply, and
(b) the payment”
84AHG: Clause 72, page 72, line 2, leave out from end of line to “is” in line 3 and insert—
“( ) subsection (2) does not apply, and
( ) the payment”
84AHH: Clause 72, page 72, line 7, at end insert—
“(5) If in proceedings against a director for the enforcement of a liability under subsection (2)(b)—
(a) the director shows that he or she has acted honestly and reasonably, and
(b) the court considers that, having regard to all the circumstances of the case, the director ought to be relieved of liability,
the court may relieve the director, either wholly or in part, from liability on such terms as the court thinks fit.”