'In any company with a paid up capital of £100,000 or more the shareholders shall at the Annual General Meeting appoint a Special Audit Committee on the following terms:—
This section shall not be construed as overriding the normal statutory duties of the Company's duly appointed auditors.'—[ Mr. Hooley.]
Brought up, and read the First time.
I beg to move, That the clause be read a Second time.
With this we may take the following:
New clause 29— Audit Committees:
'(1) The agenda of every annual general meeting of a major public company shall include either—
(2) The report of the audit committee of the board to the members of any company shall state in what ways if any the practice of the company or of the audit committee has differed from the practice required to conform with the provisions of Schedule () to this Act (Constitution and Functions of Audit Committees).
(3) In this section a major public company shall mean any company registered in Great stock exchange if at any time within a period of five sears ending on the last day of its last Britain whose shares are listed on a recognised accounting reference period being a day not more than 12 months after the passing of this Act, the company has—
New clause 30— Appointment of Non-Executive Directors:
'(1) Every company to which this section of this Act applies shall either—
(2) This section of this Act shall apply to any company registered in Great Britain whose shares are listed on a recognised stock exchange.
(3) The remuneration to be paid to the non-executive directors shall be decided by the members at each annual general meeting of the company and shall be at the discretion of the members, notwithstanding any provisions in the articles of the company governing the remuneration of directors.
Amendment No. 383, which proposes to insert a new schedule—