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14 Aug 2002
IoD director general George Cox said sitting MPs should not take non-executive directorships in private companies.
'It is for the companies to justify it, but I would never be party to putting a sitting MP on the board because of the likelihood that it would be misunderstood,' Cox said.
He added: 'I think a lot of MPs have a lot to offer but it would be very interesting to see how many of these people would be offered the same jobs if they left parliament. I would worry about that.'
Politicians defended their position. Lord Razzall, who serves on the boards of 21 companies, denied having more non-executive directorships than other parliamentarians.
He said he had one executive role at Argonaut Resources of Australia and non-executive directorships in four other non-listed companies but the others listed in the peer register of members' interests were shell companies of Argonaut Resources.
The news comes following a study by the Financial Times which showed more than 150 non-executive directorships were held by 15 peers and MPs.
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