Corporate Governance

Debate between Nigel Huddleston and Greg Clark

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

[Greg Clark]

My hon. Friend is absolutely right; Conservative Members believe in competition and that it provides the best possible environment, which has benefits to consumers, employees and taxpayers. That is very much our watchword. The Green Paper contains proposals on how we can encourage institutional investors, who, as I said, invest the money from pension funds to which many people in this country contribute, to be more active in exercising their stewardship of the companies in which they invest.

[Nigel Huddleston (Mid Worcestershire) (Con)]

The Secretary of State is right to point out that British corporate governance is already admired around the world, but will he be looking in this consultation at best practice from around the world, particularly in those countries where women have better representation on boards?

[Greg Clark]

I will indeed. It is important that we maintain and extend our reputation for being the place in the world where business is done best. We have been able to make that proud boast over the years. The representation of women on boards is of great importance, and we are looking at how we can best encourage companies to move in that direction.

Oral Answers to Questions

Debate between Nigel Huddleston and Greg Clark

Tuesday 13th September 2016 Commons Chamber

[Nigel Huddleston (Mid Worcestershire) (Con)]

3. What steps the Government is taking to develop its industrial strategy; and if he will make a statement.

[The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark)]

I am delighted that the Prime Minister has asked me to lead the historic task of preparing a proper industrial strategy for our country. We have a once-in-a-generation chance to embrace the opportunities of our new global role, and to upgrade our economy so that it works for everyone. We will work with the breadth of British industry, local leaders, innovators, employees and consumers to create the conditions for future success.

[Nigel Huddleston]

May I, too, take the opportunity to congratulate the Front-Bench teams on their appointments?

The words “industrial strategy” often conjure up images of manufacturing and heavy industry. Can the Secretary of State confirm that the service sector, which, after all, constitutes 80% of the British economy, will also be comprehensively covered by this industrial strategy?

[Greg Clark]

I can indeed confirm that. In our projections of how we are to earn our living as a nation, we should look to our strengths. The service sector is undoubtedly one of our greatest strengths, and we must of course create the conditions that will enable it to continue to prosper in the future.