asked the Secretary of State for Trade and Industry if there is any restriction on executive directors of nationalised industries for which he is responsible taking up additional board appointments in private industry.
Under the legislation applying respectively to a British Shipbuilders, the British Steel Corporation and the Post Office, my right hon. Friend is required to satisfy himself that, upon appointment, a member of the board will have no such financial or other interest as is likely to affect prejudicially the exercise and performance of his functions as a board member. Subsequently, board members are required to obtain my right hon. Friend's prior approval before accepting directorships.
asked the Secretary of State for Trade and Industry if he will list the executive directors of nationalised industries for which he is responsible who additionally are directors of private companies together with the nationalised industry which employs them and the private companies of which they are directors.
The following have company directorships in the private sector (excluding those where the board member is a nominee of the corporation or an associate company):
- British Shipbuilders
- Mr. J Graham Day (Chairman and Chief Executive) is a non-executive director of Misener Holdings Ltd.
- British Steel Corporation
- Sir Robert Haslam (Chairman) is part-time Chairman of Tate and Lyle plc.
- Mr. Sambrook is Chairman of the Iron and Trades Insurance Group.
- Post Office
- Mr. W. Cockburn (Member for Royal Mail Operations) is a non-executive director of V A T Watkins Ltd.
asked the Secretary of State for Trade and Industry if he has issued guidance to executive board members of nationalised industries for which he is responsible about their rights to accept in addition directorships of private companies.
Board Members of nationalised industries for which my right hon. Friend is responsible are made aware on appointment of their obligations with regard to accepting directorships.