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Non-Executive Directors

Volume 406: debated on Monday 9 June 2003

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To ask the Secretary of State for Trade and Industry what (a) discussions and (b) meetings her Department has had with the (i) chairman and (ii) members of the Financial Reporting Council concerning implementation of the recommendations contained in the Higgs review of the role and effectiveness of non-executive directors. [116819]

The responsibility for taking forward changes to the Combined Code as a consequence of Derek Higgs' report on the role and effectiveness of non-executive directors lies with the Financial Reporting Council. One of my officials is a member of the Council and attended the Council meeting on 14 May 2003 which discussed the Higgs review, as did the secretary to the Higgs review who is also a DTI official. The implementation of the recommendations contained in the report by Derek Higgs has also come up in a number of discussions between my Department and members of the FRC, including its Chairman.