Howard Flight, the Arundel and South Downs Conservative MP, has been named at the top of a list of MPs with outside directorships.

Mr Flight, a member of the shadow cabinet, declared 16 company directorships in the Register of Members' Interests.

In the most recent register, he listed the position of joint chairman of Investec Asset Management Ltd. He also listed the directorship of seven subsidiary and associated companies.

He is also a director of Gulf Overseas Investment Fund, PIMA, Avebury Asset management, Halliday Flight Halliday, Buyers Guide, Stellar Funds PCC and Gartmore Premier VCT. He is chairman of ACM European Enhanced Income Fund.

There is no set of rules to stop MPs from having as many outside interests as they want, but some backbench Labour MPs have complained about the practice.

Earlier this year one MP, Peter Bradley, tried to bring in a Bill which would have forced members to give up second jobs unrelated to their duties in Parliament. However, it did not become law.

MPs only have to declare the directorships they hold to Parliament, and not the size of their salaries.

There has been speculation many MPs are doubling their £55,000-a-year pay.