BusinessCompany NewsIoD warns against MP directorships

IoD warns against MP directorships

The Institute of Directors has warned against politicians taking on company directorships after it was revealed that MPs hold more than 800 posts.

Link: MPs keep hooks in UK companies

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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