It is a pleasure to serve under your chairmanship, Ms Fovargue. I add my grateful thanks to the hon. Member for Salford and Eccles for bringing forward this important debate. The Government absolutely believes in strong corporate governance and an effective insolvency regime. Most directors and businesses do the right thing, but failure is part of our economic system, and we need a regime that reflects that context. We believe there is a balance to be struck; while it is crucial to ensure robust oversight and accountability, we must also maintain an entrepreneurial spirit that encourages investment and business growth. Since 2019, large companies have been required to report annually on how wider interests have been taken into account in boardroom decision making. The Government confirmed plans to require very large companies to provide targeted new annual reporting on their management of risk, profit distribution, prevention or detection of material fraud, and audit and assurance policies for non-financial information. Secondary legislation is being developed to implement these measures. We also intend to move towards a system of regulation with a single independent regulator rather than the recognised professional bodies that we see today. We are keen to streamline regulatory frameworks such as those related to money laundering but reject arbitrary limits on directorships, preferring a red flag-based approach. Significant changes have been made around phoenixing, and 25 directors have been disqualified under these measures.