Multinational Companies (Directors' Perquisites)

Mr. Lee
asked the Secretary of State for Trade if, in the light of the report on Lonhro made to his Department under Section 165 of the Companies Act, he will issue a suggested code of conduct for the guidance of directors of multinational public companies, particularly in the matter of non-taxable perquisites.

Mr. Clinton Davis
No. I am not aware of any recommendation in a report to the Department under Section 165 which would call for such a code of conduct. Taxation legislation contains provisions for the taxation of benefits in kind, and Questions relating to the taxation of perquisites are for the Chancellor of the Exchequer.