Iain Wright
Main Page: Iain Wright (Labour - Hartlepool)
Anna Soubry
As I said, the Pensions Regulator is looking at the many concerns that hon. Members on both sides of the House are raising, and the PPF is now involved. My hon. Friend makes important points. Unfortunately, some companies find themselves with very large pension fund deficits, which should concern us all.
Mr Iain Wright (Hartlepool) (Lab)
First, may I thank the Minister for spending this morning at the Tata Steel facility in Hartlepool? I was grateful for her time.
On BHS, a theme seems to be emerging across the House. Does the Minister agree that it cannot possibly be right that Sir Philip Green, as the previous owner, loaded the company with debt, did not invest in the business and paid his wife over £400 million in dividends via the tax haven of Monaco? How an owner runs a business is up to them, but when 11,000 jobs are under threat and the taxpayer might face substantial pension liabilities, something is gravely wrong. Will the Minister consider changing company legislation on directors’ duties to ensure that former owners cannot simply walk away from the fallout, having taken the fast buck, and that substantial, long-term value creation is prioritised over short-term value extraction?
Anna Soubry
We have to make it clear that allegations of impropriety by anybody holding a directorship are taken very seriously and that serious consequences can follow an investigation—nobody is above that—and I am confident that any allegations will be investigated. As we know, the Pensions Regulator is already looking into these matters.
Finally, I know it is a bit off subject but I want to respond to the hon. Gentleman’s first point. I am sorry we had to cut short our trip to Hartlepool, but it was an excellent visit, and, as ever, I found excellent management, an excellent workforce and excellent steel products made with British steel.