Robert Halfon
Main Page: Robert Halfon (Conservative - Harlow)(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Vince Cable
As I understand it, the commission is in the process of encouraging the establishment of a monitoring body of that kind. That is not governmental or Government financed, but it would be a very useful institution in helping us to understand the trends.
Robert Halfon (Harlow) (Con)
Does my right hon. Friend agree that crony corporatism, high taxes and high regulation are as unjust, if not more so, than some of the problems he has set out today? Will he pay as much attention to dealing with those things as he is to dealing with the issues he set out?
Vince Cable
I am not terribly comfortable with the phrase “crony corporatism”, but my hon. Friend refers specifically to directors serving on each other’s boards. We have looked at the facts on that. There are few examples of reciprocal agreements, but there are cases— 50 out of 1,000 or something of that order—in which directors serve on the board of another company. We are looking at how we can limit that, because it creates a somewhat more incestuous environment and lacks the diversity we are seeking.