Lord Hamilton of Epsom
Main Page: Lord Hamilton of Epsom (Conservative - Life peer)
Lord Marland
We have to be very careful about bandying around harsh words such as “bullying”. That is not reasonable. We have a voluntary agreement. Companies in my experience—I have a reasonable amount of experience—do best where both employees and employers co-operate. I was proud to be a founder shareholder of a business where well over 80% of the employees were shareholders. It meant that there was a community of interest and spirit of endeavour. We want to encourage that. It is incumbent on this Government to find ways of generating enterprise and a spirit of going forward together. This scheme does that admirably.
Lord Hamilton of Epsom
My Lords, I am very concerned to hear that Mr Justin King does not approve of this scheme. Is he saying that Sainsbury’s shares are therefore not worth holding?
Lord Marland
I am afraid that I am not much for making a commentary on share prices; my record is not outstanding in that regard. I wonder whether Mr King’s competition is with Waitrose, where of course there is broad employee ownership and, I understand, a very good spirit of co-operation.