Mr. Tim Bush:

I can send the committee a letter, which I did not include in my evidence, from the then Accounting Standards Board, in April 2005 to the then Department of Trade and Industry in the UK. The letter stated that they know what company law is, that they do not agree with it because they believe it to be outdated, that they are setting standards that are going in a different direction and that they believe the law should be changed to catch up with the standards. The law has not been changed, however. I will supply that letter through the clerk to the committee.