Member

Can the Minister explain why the Government chose the directors’ report for disclosures rather than the notes to the accounts? What if the disclosures are inadequate, deficient or misleading? That is not beyond the realm of possibility. The Minister knows that the UK does not have a central enforcer of company law. In its absence, can he explain who would be responsible for monitoring and enforcing the legislation that he just presented? It seems that there is absolutely nobody. I know from experience that the department of trade stands in as a regulator by default, but you will then be chasing your tail, because the department acts not only as a regulator but as a promoter of the industry: judge and jury—the whole lot. The outcome will be incredibly unsatisfactory.