Enterprise Bill [HL] — Report (2nd Day)

Part of the debate – in the House of Lords at 4:30 pm on 30 November 2015.

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Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Parliamentary Under-Secretary of State for Culture, Media and Sport, The Parliamentary Under-Secretary of State for Business, Innovation and Skills 4:30, 30 November 2015

My Lords, I do not think I can make a promise. Of course, the Bill is unusual in having been introduced in this House and it will be discussed further. Obviously we would have to work together to find something satisfactory. I say that in an optimistic frame of mind but I do not want to promise to deliver something that I am not able to deliver in the event.

Amendment 69 agreed.

Amendment 70

Moved by Baroness Neville-Rolfe

70: After Clause 25, insert the following new Clause—

UK Green Investment Bank: transitional provision

(1) The Secretary of State may not make regulations under section 29appointing the day on which section (Disposal of Crown’s shares in UK Green Investment Bank company) comes into force unless the Secretary of State has—

(a) decided to make a disposal of shares held by the Crown in a UK Green Investment Bank company, and

(b) laid before Parliament a report on the proposed disposal (or, if more than one, on each of them) which states—

(i) the kind of disposal intended,

(ii) the expected time-scale for the disposal, and

(iii) the Secretary of State’s objectives for the disposal.

(2) In this section “UK Green Investment Bank company” means—

(a) the public company limited by shares incorporated on 15 May 2012 with the company number SC424067 and with the name UK Green Investment Bank plc, or

(b) a company that is or at any time has been in the same group as that company.”

(3) For the purposes of subsection (2) a company is to be regarded as being in the same “group” as another company, if, for the purposes of section 1161(5) of the Companies Act 2006, the company is a group undertaking in relation to that other company.”

Amendment 70 agreed.

Amendment 70ZA

Moved by Lord Teverson

70ZA: After Clause 25, insert the following new Clause—

“Objectives of UK Green Investment Bank

(1) Prior to a sale of shares of a UK Green Investment Bank Company (as defined in section (UK Green Investment Bank: transitional provision)(2)) the Secretary of State shall—

(a) ensure that the objects of the UK Green Investment Bank Company contained in its articles of association (“the Objectives”) shall be—

(i) the reduction of greenhouse gas emissions;

(ii) the advancement of efficiency in the use of natural resources;

(iii) the protection or enhancement of the natural environment;

(iv) the protection or enhancement of biodiversity;

(v) the promotion of environmental sustainability;

(b) ensure the articles of association of the UK Green Investment Bank Company require its directors to act and review their actions against the Objectives;

(c) create a special share; and

(d) establish a company limited by guarantee registered with the Charity Commission (“the Charitable Company”) that will own the special share.

(2) Any amendment to the Objectives shall require the consent of the Charitable Company, as holder of the special share.

(3) The special share shall—

(a) have no income or capital rights;

(b) have no voting rights except on a vote to amend the Objectives and on a vote to alter the rights of the special share.

(4) The rights of the special share shall be deemed altered by the issue of any other special share of the same class.

(5) The Charitable Company that will own the special share shall—

(a) have three members, none of which shall be public bodies;

(b) have as initial members legal persons appointed by the Committee on Climate Change established under the Climate Change Act 2008;

(c) provide that if any member ceases to be a member the remaining members shall nominate the replacement member;

(d) provide that the members will be required to act unanimously in exercising the rights attached to the special share.

(6) For the avoidance of doubt, the Committee on Climate Change shall play no role in the conduct of the Charitable Company or its members following the initial appointment of those members prior to the sale of UK Green Investment Bank company shares by the Secretary of State.”