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LORDS AMENDMENT

2Page 1, line 8, at end insert— "(4) In managing its affairs the OFT must have regard to the generally accepted principles of good corporate governance."


2BLord Hunt of Wirral rose to move, as an amendment to the Motion that the House do agree with the Commons in their Amendment 2A, leave out from "House" to the end and insert "do disagree with the Commons in their Amendment 2A, and do insist on Lords Amendment 2".

The noble Lord said: My Lords, in moving Amendment No. 2B I point out to the Minister that the amendment originally agreed to in this House was taken directly from the Government's own words in the Financial Services and Markets Act. The Government's amendment asked the Financial Services Authority to have,


    "regard to the generally accepted principles of good corporate governance".

That is a direct read-across to this position. I beg to move.

Moved, as an amendment to the Motion that the House do agree with the Commons in their Amendment No. 2A, leave out from "House" to the end and insert "do disagree with the Commons in their Amendment No. 2A, and do insist on Lords Amendment No. 2".—(Lord Hunt of Wirral.)

Lord Sharman: My Lords, I strongly support the amendment moved by the noble Lord, Lord Hunt. I was present for the majority of the debate on this issue at the time the Financial Services and Markets Bill was before your Lordships' House. The amendment previously accepted here says "have regard to". That is not the same as "must adhere to". To have regard to is to take into account. It was evident to me from the time I looked at audit and accountability in central government that elements of generally accepted corporate governance do indeed read across.

4 Nov 2002 : Column 541

6.59 p.m.

On Question, Whether the said amendment (No. 2B) shall be agreed to?

Their Lordships divided: Contents, 147; Not-Contents, 129.

Division No. 6

CONTENTS

Addington, L.
Alderdice, L.
Allenby of Megiddo, V.
Alton of Liverpool, L.
Anelay of St Johns, B.
Arran, E.
Astor, V.
Astor of Hever, L.
Attlee, E.
Avebury, L.
Barker, B.
Beaumont of Whitley, L.
Blatch, B.
Boardman, L.
Bowness, L.
Brabazon of Tara, L.
Bradshaw, L.
Bridgeman, V.
Brittan of Spennithorne, L.
Brooke of Sutton Mandeville, L.
Brougham and Vaux, L.
Burnham, L.
Burns, L.
Buscombe, B.
Byford, B.
Carnegy of Lour, B.
Chalfont, L.
Chalker of Wallasey, B.
Colwyn, L.
Cope of Berkeley, L. [Teller]
Courtown, E.
Craig of Radley, L.
Craigavon, V.
Deedes, L.
Dholakia, L.
Dixon-Smith, L.
Elles, B.
Elliott of Morpeth, L.
Elton, L.
Fearn, L.
Ferrers, E.
Fookes, B.
Freeman, L.
Gardner of Parkes, B.
Glentoran, L.
Goodhart, L.
Goschen, V.
Greaves, L.
Greenway, L.
Hamwee, B.
Harris of Richmond, B.
Henley, L.
Higgins, L.
Hodgson of Astley Abbotts, L.
Hooson, L.
Howe, E.
Howe of Aberavon, L.
Howe of Idlicote, B.
Hunt of Wirral, L.
Jacobs, L.
Jenkin of Roding, L.
Jopling, L.
Kimball, L.
Kingsland, L.
Laing of Dunphail, L.
Lindsay, E.
Liverpool, E.
Livsey of Talgarth, L.
Luke, L.
Lyell, L.
MacGregor of Pulham Market, L.
Mackie of Benshie, L.
McNally, L.
Maddock, B.
Mancroft, L.
Mar, C.
Mar and Kellie, E.
Marlesford, L.
Mayhew of Twysden, L.
Michie of Gallanach, B.
Monro of Langholm, L.
Monson, L.
Montagu of Beaulieu, L.
Mowbray and Stourton, L.
Moynihan, L.
Murton of Lindisfarne, L.
Naseby, L.
Newby, L.
Newton of Braintree, L.
Noakes, B.
Northbrook, L.
Northover, B.
O'Cathain, B.
Oakeshott of Seagrove Bay, L.
Onslow, E.
Park of Monmouth, B.
Peel, E.
Perry of Southwark, B.
Perry of Walton, L.
Phillips of Sudbury, L.
Pilkington of Oxenford, L.
Plumb, L.
Prior, L.
Rawlings, B.
Rawlinson of Ewell, L.
Razzall, L.
Reay, L.
Redesdale, L.
Rennard, L.
Renton, L.
Roberts of Conwy, L.
Rodgers of Quarry Bank, L.
Roper, L.
Rotherwick, L.
Russell, E.
Russell-Johnston, L.
Saatchi, L.
St John of Fawsley, L.
Scott of Needham Market, B.
Seccombe, B. [Teller]
Selborne, E.
Selsdon, L.
Sharman, L.
Sharp of Guildford, B.
Sharples, B.
Shaw of Northstead, L.
Shutt of Greetland, L.
Smith of Clifton, L.
Stewartby, L.
Swinfen, L.
Taylor of Warwick, L.
Thomas of Gresford, L.
Thomas of Swynnerton, L.
Thomas of Walliswood, B.
Thomson of Monifieth, L.
Trefgarne, L.
Trumpington, B.
Vinson, L.
Waddington, L.
Wakeham, L.
Wallace of Saltaire, L.
Walmsley, B.
Watson of Richmond, L.
Wilcox, B.
Williams of Crosby, B.
Williamson of Horton, L.
Willoughby de Broke, L.

NOT-CONTENTS

Acton, L.
Ahmed, L.
Alli, L.
Amos, B.
Andrews, B.
Archer of Sandwell, L.
Ashton of Upholland, B.
Bach, L.
Bassam of Brighton, L.
Berkeley, L.
Bernstein of Craigweil, L.
Billingham, B.
Boothroyd, B.
Borrie, L.
Bragg, L.
Brennan, L.
Brett, L.
Brooke of Alverthorpe, L.
Brookman, L.
Brooks of Tremorfa, L.
Burlison, L.
Campbell-Savours, L.
Carter, L.
Chandos, V.
Chester, Bp.
Christopher, L.
Clark of Windermere, L.
Clarke of Hampstead, L.
Clinton-Davis, L.
Cohen of Pimlico, B.
Corbett of Castle Vale, L.
Crawley, B.
Darcy de Knayth, B.
David, B.
Davies of Coity, L.
Davies of Oldham, L.
Desai, L.
Dixon, L.
Donoughue, L.
Dormand of Easington, L.
Dubs, L.
Eatwell, L.
Elder, L.
Evans of Parkside, L.
Evans of Watford, L.
Farrington of Ribbleton, B.
Faulkner of Worcester, L.
Filkin, L.
Gale, B.
Gavron, L.
Gibson of Market Rasen, B.
Goldsmith, L.
Gordon of Strathblane, L.
Goudie, B.
Gould of Potternewton, B.
Graham of Edmonton, L.
Grenfell, L.
Grocott, L. [Teller]
Hannay of Chiswick, L.
Hardy of Wath, L.
Harris of Haringey, L.
Harrison, L.
Haskel, L.
Hayman, B.
Hilton of Eggardon, B.
Hogg of Cumbernauld, L.
Hollis of Heigham, B.
Howells of St. Davids, B.
Howie of Troon, L.
Hoyle, L.
Hughes of Woodside, L.
Hunt of Kings Heath, L.
Irvine of Lairg, L. (Lord Chancellor)
Islwyn, L.
Janner of Braunstone, L.
Jay of Paddington, B.
Jones, L.
Jordan, L.
Judd, L.
King of West Bromwich, L.
Kirkhill, L.
Layard, L.
Lea of Crondall, L.
Lofthouse of Pontefract, L.
Macdonald of Tradeston, L.
McIntosh of Haringey, L. [Teller]
MacKenzie of Culkein, L.
Mackenzie of Framwellgate, L.
Mallalieu, B.
Masham of Ilton, B.
Massey of Darwen, B.
Milner of Leeds, L.
Mitchell, L.
Morgan, L.
Morgan of Huyton, B.
Morris of Aberavon, L.
Moser, L.
O'Neill of Bengarve, B.
Orme, L.
Patel of Blackburn, L.
Pendry, L.
Pitkeathley, B.
Prys-Davies, L.
Ramsay of Cartvale, B.
Rendell of Babergh, B.
Richard, L.
Sainsbury of Turville, L.
Sawyer, L.
Scotland of Asthal, B.
Simon, V.
Smith of Leigh, L.
Stoddart of Swindon, L.
Stone of Blackheath, L.
Strange, B.
Symons of Vernham Dean, B.
Taylor of Blackburn, L.
Temple-Morris, L.
Thornton, B.
Tomlinson, L.
Turnberg, L.
Turner of Camden, B.
Varley, L.
Walker of Doncaster, L.
Warwick of Undercliffe, B.
Whitaker, B.
Whitty, L.
Williams of Elvel, L.
Williams of Mostyn, L. (Lord Privy Seal)
Woolmer of Leeds, L.

Resolved in the affirmative, and amendment agreed to accordingly.

4 Nov 2002 : Column 543

7.9 p.m.

LORDS AMENDMENT

After Clause 16, insert the following new clause—


7 "Tribunal: regulations
(1) The Lord Chancellor and the Secretary of State may together make regulations—
empowering the courts to transfer to the Tribunal for determination by it any issue arising in any civil proceedings the determination of which depends on whether provisions of Chapter I or II of the 1998 Act or of Article 81 or 82 of the Treaty have been infringed where, in the opinion of the court making the transfer, the transfer would be conducive to the efficient conduct of the proceedings;
making any rules that the Lord Chancellor and the Secretary of State may deem to be appropriate as ancillary to the power to make such transfers or to be reasonably required in connection therewith and in particular, but without prejudice to the generality of the foregoing, to the effect that—
on making such a transfer, the court making the transfer may state facts that the Tribunal shall then treat as established for the purposes of determining the issues transferred to it;
after having made its determination, the Tribunal shall remit the matter to the court that made the transfer to it, declaring the determination of that issue by the Tribunal, which, subject to any clarification or amplification by the Tribunal of its determination that may be requested by the court that made the transfer, shall then be treated as a determination of that issue by that court;
enabling courts that have made, or have in contemplation the making of, such transfers and the Tribunal to co-operate together in any way that they deem to be appropriate to enable issues arising in the proceedings before then to be determined as efficiently as possible.
(2) The Lord Chancellor may appoint as president and as chairman of the Tribunal judges of any of the courts provided that, before appointing a judge of the Court of Session or sheriff courts under this subsection, the Lord Chancellor shall first consult the Lord President of the Court of Session.
(3) In this section references to "the courts" are to the High Court of Justice and the county courts in England and Wales and Northern Ireland and the Court of Session and the sheriff courts in Scotland.
(4) The power to make regulations under this section is exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament."

4 Nov 2002 : Column 544

The Commons disagreed to this amendment but proposed the following amendment in lieu thereof—


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