CONDUCT OF LORD WALKER

That this House notes that Peter Walker was approached by Kevin Maxwell to be the Chairman of MCC in March 1991, a deal which gave him ú100,000 a year for a non-executive position, a Mercedes 500 SEL, and share options worth ú1.3 million over three years; notes his acceptance of the post was announced in April when he become a director of MCC and notes that after the results in June he became concerned about the finances of the company and commissioned two reports, one by Smith New Court and another by a firm of management consultants; further notes on the basis of these reports that Peter Walker announced he would not become chairman on 16th July 1991 and stepped down as a non-executive director at the group's AGM in September when he received the car, a ú100,00 pay off and 201,000 shares which he sold immediately at around 170p a share; recognises that these decisions may have been based on Peter Walker's evaluation that the future viability of the company was in doubt, rather than on any information he received from reports commissioned on the basis of information he gained as a board member; and calls upon Peter Walker to make clear that any doubts or worries he had about MCC were passed on to the relevant regulatory bodies.