Financial Reporting Council: Annual Reports and Accounts

Lord Newby Excerpts

Monday 14th February 2011 Lords Chamber

[Baroness Wilcox]

Yes, my Lords, I suppose that that might save a few trees but at the moment, under law, we have to provide printed copies. I am sure that if your Lordships' House decided that it wished to debate the matter again, we might hear a lot more new ideas. I thank the noble Lord for the advice.

[Lord Newby]

My Lords, it might be the law at the moment that people can request a hard copy but the Financial Reporting Council is consulting on a proposal that it should no longer be a right. Given that many of those who need hard copies—because they are not very familiar with the web—are older people who rely on their shareholdings for their income when retired, will the Minister give a commitment on behalf of the Government that they have no intention of legislating for the change that is being consulted on?

[Baroness Wilcox]

As I said in the original Answer, the Financial Reporting Council is independent and can bring out any suggestions it wishes. The proposal comes from the council and does not represent the view of the Government. As I said, the law states that reports and accounts must be printed and made available. Until it is decided that the law should be changed, that is how it will stand.