Corporate Governance

Debate between Jeremy Quin and Greg Clark

1st reading: House of Commons
Tuesday 29th November 2016 Commons Chamber

[Greg Clark]

I share my hon. Friend’s surprise and dismay that there is so little interest in the Labour party in extending the rights for working people to have a say in the way companies are run. My disappointment with the Opposition is only matched by my pleasure at seeing so many of my Conservative colleagues, including my hon. Friend.

[Jeremy Quin (Horsham) (Con)]

Alongside other hon. Members, I investigated BHS, a company where corporate governance went seriously awry, so I warmly welcome the extension of stronger corporate governance to large private companies. However, I also hope that as part of the consultation there will be no risk of any ambivalence or questioning about what private company directors are expected to do in those roles and where their obligations lie. There are a range of stakeholders to whom they owe those obligations.

[Greg Clark]

There are indeed, and the range of stakeholders has long been recognised in company law, as my hon. Friend knows. The question is: in a world in which there are now more very large privately held businesses that do not have a full stock market listing than was the case in the past, is this the appropriate time to extend this measure to those businesses?

Nissan: Sunderland

Debate between Jeremy Quin and Greg Clark

Monday 31st October 2016 Commons Chamber

[Greg Clark]

I am grateful to the hon. Lady for what she says. Middlesbrough has been doing a bit better in football terms than Sunderland this season, so it deserves a break when it comes to Nissan. The supply chain is incredibly important, and across the automotive sector, whether in the north-east or the west midlands or other parts of the country, there are businesses that are currently overseas that could locate close to the main plants. If sites can be remediated where, for example, they require better road access, it is in everyone’s interest if we work on that together. That was part of the discussions, and will particularly benefit the supply chain.

[Jeremy Quin (Horsham) (Con)]

I warmly congratulate the Secretary of State on the announcement. Will he assure the House that he will not jeopardise future fantastic announcements by revealing too much confidential information from discussions between him and the other parties?

[Greg Clark]

I am grateful to my hon. Friend for his question. I am happy to answer any questions that the House has, and I am looking forward to appearing before the Select Committee. I have been pretty candid, describing each of the four aspects of the reassurances that I was able to give, but if companies that are considering an investment here describe commercial plans that they may not want to fall into the hands of their competitors, it is reasonable that they should have that confidence when dealing with the UK Government.