Enterprise Bill — New Clause 4 — Objectives of UK Green Investment Bank — 8 Mar 2016 at 14:15
Oliver Letwin MP, West Dorset voted against proposed objectives of the Green Investment Bank and arrangements for making changes to them.
The majority of MPs voted against setting the objectives of the Green Investment Bank and to create a charitable company, with three members, to hold a special share in the bank with a veto over any changes to the objectives.
MPs were considering the Enterprise Bill.
The proposed new clause rejected in this vote stated:
- ‘(1) Prior to a sale of shares of a UK Green Investment Bank Company (as defined in section 30(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.
The motion rejected by the majority of MPs in this vote was:
- That the clause be read a Second time.
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||283 (+2 tell)||0||0||86.4%|
|Lab||0||187 (+2 tell)||0||81.8%|