Local MPs Jonathan Djanogly and Shailesh Vara, yesterday joined members of the Shareholders Rights Alliance at a rally aimed at supporting shareholder democracy. Both MPs are currently serving on the Company Law Reform Bill Standing Committee, which is scrutinising the Bill, clause by clause. The Bill is the longest that has ever gone through Parliament.
The Alliance is campaigning to amend the Bill to ensure that nominee shareholders are granted rights to obtain company reports and accounts, information about bids for companies, the right to attend and speak at meetings and the right to vote.
Also attending the rally were Alan Duncan MP, Shadow Secretary of State for Trade and Industry, and fellow Conservative members of the Standing Committee, Justine Greening MP, Crispin Blunt MP, James Brokenshire MP and David Jones MP.
Mr Djanogly said:
"In the House of Lords, Conservatives managed to amend the Company Law Reform Bill to ensure that the nominee shareholders are treated fairly. The Government have since indicated that they will remove our amendments. In the short time now available, we hope that the Government will change their mind. This is why the Conservative Party supported the rally yesterday."
Mr Vara added:
"I am happy to give my support to the Shareholders Rights Alliance in their campaign to increase rights for nominee shareholders. Our amendments are perfectly reasonable and the government should give them careful consideration. Shareholder democracy is vital for good corporate social responsibility. Shareholders should know what their company is doing so that they can hold the management to account where necessary."