... cadburier, says Arlen
I LOOK forward to Arlen's reply. For instance: `Do you mean, in words of one syllable?' Or: 'Because the directors' responsibilities are laid down by company law, and the Stock Exchange has no busi- ness to try to rewrite it.' Or: 'What is a list- ing rule: one that rolls over and sinks?' Another engineering company, Widney, has now told its shareholders: 'In view of the size of the board it is not practicable or indeed possible, to form all the committees as proposed by the Cadbury code. We do not envisage an expansion of the board merely to provide sufficient bodies to form commit- tees.' The Exchange can pick the bones out of that. Better, it can stop spending time, effort, and money on this extra-curricular casuistry and concentrate on its business, which is the exchange of stock. If its new chairman, John Kemp-Welch, can bring that lesson home to his supporting cast of regula- tory advisers, he will earn his jumbo bar.
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