Oral Answers to Questions

Eric Joyce Excerpts

Wednesday 15th June 2011 Commons Chamber

[The Prime Minister]

I did not see the documentary, but I understand it was an extremely powerful programme. It refers to some very worrying events that are alleged to have taken place towards the end of that campaign. The Government, along with other Governments, have said that the Sri Lankan Government needs that to be investigated, and the UN needs it to be investigated. We need to make sure that we get to the bottom of what happened, and that lessons are learned.

[Eric Joyce (Falkirk) (Lab)]

Q13. The Prime Minister will be aware of the shambles of corporate governance that is the Eurasian Natural Resources Corporation. I would not expect him to comment specifically on that, but does he agree, on behalf of millions of pensionholders and small shareholders across the country, that high standards of corporate governance in the City of London are critical, as is the role of the Financial Reporting Council?

[The Prime Minister]

I am aware of the problem. The hon. Gentleman makes an important point, which is that of course we want companies to come to London to access capital and float on the main market or the AIM market. It is one of the attractions of Britain that we are an open global economy, but when those companies come, they must understand that we have rules of corporate governance that are there for a reason, and they need to obey those rules. I am sure my right hon. Friend the Chancellor will address that not only in his speech tonight, but in the papers that we will be publishing in subsequent days.