Audit and Corporate Governance Debate
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Baroness Bowles of Berkhamsted
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Audit and Corporate Governance
Baroness Bowles of Berkhamsted Excerpts(3 years, 1 month ago)
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Lord Callanan (Con)
Indeed, I have had extensive engagement with the profession, including the big four and a number of smaller companies, as we seek to progress the legislation.
Baroness Bowles of Berkhamsted (LD) [V]
My Lords, in the RBS rights issue trial, Mr Justice Hildyard said that the purpose of Section 87A(2) of the Financial Services and Markets Act, concerning information to enable investors to make an informed assessment, had to be appropriate for the ordinary investor whose protection is the statutory objective. Does the Minister agree that the same logic must apply and be preserved in any changes to audit and capital maintenance statements? They are for the ordinary investor, not just expert users.
Lord Callanan (Con)
These proposals are to provide information to expert users and many of the ordinary readers as well. Therefore, both markets are to be fulfilled.