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1246949

	registered interest
	date	29/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	UK Endorsement Board
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the role of the UK Endorsement Board in insurance accounting; what authority the Board has to exercise its functions; what is the composition of the Board; and how the Board is funded.
	tabling member printed	Baroness Bowles of Berkhamsted
	uin	HL9757
	answer	answer is ministerial correction date of answer 12/11/2020 answer text <p>We intend to lay an SI in early 2021 that will delegate certain functions in the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (‘the 2019 Regulations’), including powers to endorse and adopt International Accounting Standards, to the UK Accounting Standards Endorsement Board (UK EB). This includes International Accounting Standards (such as IFRS 17 – Insurance Contracts) that relate to insurance.</p><p> </p><p>Following the appointment of the Chair, we are now preparing to recruit Board Members. We intend that membership of the Board will include preparers of accounts, investors and other users of accounts, academics and members of accounting firms. This will ensure that the UK EB brings a broad range of experience, backgrounds and expertise to the consideration of International Accounting Standards.</p><p> </p><p>The UK EB will undertake its activities in a transparent manner, and it will be required both to consult before adopting an international standard and to publish the reasons for its decision to adopt an International Accounting Standard in whole or in part. The statutory criteria for adoption are set out in the 2019 Regulations. The UK EB will obtain independent advice when necessary and all Board Members will be required to abide by a conflicts of interests policy.</p> answering member printed Lord Callanan grouped question UIN HL9758 question first answered 12/11/2020 12:48:41 answering member 4336 label Biography information for Lord Callanan
	tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1246950

	registered interest
	date	29/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	UK Endorsement Board
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether the UK Endorsement Board will be provided with publicly available legal advice to deliver the required endorsement criteria for the adoption of International Accounting Standards; and what processes they have in place to ensure that this advice will be free from conflicts of interest.
	tabling member printed	Baroness Bowles of Berkhamsted
	uin	HL9758
	answer	answer is ministerial correction date of answer 12/11/2020 answer text <p>We intend to lay an SI in early 2021 that will delegate certain functions in the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (‘the 2019 Regulations’), including powers to endorse and adopt International Accounting Standards, to the UK Accounting Standards Endorsement Board (UK EB). This includes International Accounting Standards (such as IFRS 17 – Insurance Contracts) that relate to insurance.</p><p> </p><p>Following the appointment of the Chair, we are now preparing to recruit Board Members. We intend that membership of the Board will include preparers of accounts, investors and other users of accounts, academics and members of accounting firms. This will ensure that the UK EB brings a broad range of experience, backgrounds and expertise to the consideration of International Accounting Standards.</p><p> </p><p>The UK EB will undertake its activities in a transparent manner, and it will be required both to consult before adopting an international standard and to publish the reasons for its decision to adopt an International Accounting Standard in whole or in part. The statutory criteria for adoption are set out in the 2019 Regulations. The UK EB will obtain independent advice when necessary and all Board Members will be required to abide by a conflicts of interests policy.</p> answering member printed Lord Callanan grouped question UIN HL9757 question first answered 12/11/2020 12:48:42 answering member 4336 label Biography information for Lord Callanan
	tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1246697

	registered interest
	date	26/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Climate Change Convention
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what scrutiny mechanisms they plan to propose to Parliament for the scrutiny of COP26 sponsorship agreements.
	tabling member printed	Baroness Boycott
	uin	HL9515
	answer	answer is ministerial correction date of answer 06/11/2020 answer text <p>Sponsorship is an important part of our funding arrangements for COP26, supporting the successful delivery of an event with the level of ambition required to tackle the urgent challenge of climate change; and enhancing value for money for taxpayers. The names of any confirmed sponsor will be published on the COP26 website<em>. </em>The Government will conduct due diligence on all potential sponsors and ensure compliance with rigorous standards. Environmental transparency and disclosure is vital to track progress towards a net zero economy, and this is one of the criteria that the Government is using to assess potential sponsors. The Government has set strict sponsorship criteria for COP26 and will only partner with companies who have set net-zero commitments by 2050 or earlier, and who have published a credible and aligned short-term action plan to achieve this. The Government is encouraging companies with strong climate credentials to apply for sponsorship through the COP26 website.</p> answering member printed Lord Callanan grouped question UIN HL9516 HL9517 HL9520 question first answered 06/11/2020 13:56:24 answering member 4336 label Biography information for Lord Callanan
	tabling member	4704 label Biography information for Baroness Boycott

1246698

	registered interest
	date	26/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Climate Change Convention
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to limit sponsorship for COP26 (1) to companies which have a plan to half their emissions by 2030, and (2) to companies that have disclosed plans that are aligned with the Paris Agreement goal of limiting global warming to 1.5 degrees.
	tabling member printed	Baroness Boycott
	uin	HL9516
	answer	answer is ministerial correction date of answer 06/11/2020 answer text <p>Sponsorship is an important part of our funding arrangements for COP26, supporting the successful delivery of an event with the level of ambition required to tackle the urgent challenge of climate change; and enhancing value for money for taxpayers. The names of any confirmed sponsor will be published on the COP26 website<em>. </em>The Government will conduct due diligence on all potential sponsors and ensure compliance with rigorous standards. Environmental transparency and disclosure is vital to track progress towards a net zero economy, and this is one of the criteria that the Government is using to assess potential sponsors. The Government has set strict sponsorship criteria for COP26 and will only partner with companies who have set net-zero commitments by 2050 or earlier, and who have published a credible and aligned short-term action plan to achieve this. The Government is encouraging companies with strong climate credentials to apply for sponsorship through the COP26 website.</p> answering member printed Lord Callanan grouped question UIN HL9515 HL9517 HL9520 question first answered 06/11/2020 13:56:24 answering member 4336 label Biography information for Lord Callanan
	tabling member	4704 label Biography information for Baroness Boycott

1246699

	registered interest
	date	26/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Climate Change Convention
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how much funding they expect to raise from sponsorship for COP26; and whether they will provide a breakdown of that funding.
	tabling member printed	Baroness Boycott
	uin	HL9517
	answer	answer is ministerial correction date of answer 06/11/2020 answer text <p>Sponsorship is an important part of our funding arrangements for COP26, supporting the successful delivery of an event with the level of ambition required to tackle the urgent challenge of climate change; and enhancing value for money for taxpayers. The names of any confirmed sponsor will be published on the COP26 website<em>. </em>The Government will conduct due diligence on all potential sponsors and ensure compliance with rigorous standards. Environmental transparency and disclosure is vital to track progress towards a net zero economy, and this is one of the criteria that the Government is using to assess potential sponsors. The Government has set strict sponsorship criteria for COP26 and will only partner with companies who have set net-zero commitments by 2050 or earlier, and who have published a credible and aligned short-term action plan to achieve this. The Government is encouraging companies with strong climate credentials to apply for sponsorship through the COP26 website.</p> answering member printed Lord Callanan grouped question UIN HL9515 HL9516 HL9520 question first answered 06/11/2020 13:56:24 answering member 4336 label Biography information for Lord Callanan
	tabling member	4704 label Biography information for Baroness Boycott

1246744

	registered interest
	date	26/10/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Climate Change Convention
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they plan (1) to publish the historic and current emissions of any COP26 sponsors, or (2) to place a requirement on potential sponsors to publish their historic and current emissions.
	tabling member printed	Baroness Boycott
	uin	HL9520
	answer	answer is ministerial correction date of answer 06/11/2020 answer text <p>Sponsorship is an important part of our funding arrangements for COP26, supporting the successful delivery of an event with the level of ambition required to tackle the urgent challenge of climate change; and enhancing value for money for taxpayers. The names of any confirmed sponsor will be published on the COP26 website<em>. </em>The Government will conduct due diligence on all potential sponsors and ensure compliance with rigorous standards. Environmental transparency and disclosure is vital to track progress towards a net zero economy, and this is one of the criteria that the Government is using to assess potential sponsors. The Government has set strict sponsorship criteria for COP26 and will only partner with companies who have set net-zero commitments by 2050 or earlier, and who have published a credible and aligned short-term action plan to achieve this. The Government is encouraging companies with strong climate credentials to apply for sponsorship through the COP26 website.</p> answering member printed Lord Callanan grouped question UIN HL9515 HL9516 HL9517 question first answered 06/11/2020 13:56:24 answering member 4336 label Biography information for Lord Callanan
	tabling member	4704 label Biography information for Baroness Boycott

1460205

	registered interest
	date	25/04/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	UK Endorsement Board
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether the UK Endorsement Board has undertaken an analysis of what constitutes 'reliability' in the context of audited accounts and its endorsement criteria; and whether any such assessment excludes positions that resemble those of the large accounting firms that were criticised in the Commons Business, Energy and Industrial Strategy Select Committee's report The Future of Audit, published on 2 April 2019.
	tabling member printed	Baroness Bowles of Berkhamsted
	uin	HL7917
	answer	answer is ministerial correction date of answer 28/04/2022 answer text <p>The UK Endorsement Board has been delegated powers to consider new international accounting standards for UK adoption only; it has no remit over audit policy and audit standards.</p><p> </p><p>This includes an assessment of the compatibility of new standards with the requirements of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685 (IAS Regulations). The IAS Regulations require that “the standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.” These requirements were on-shored from EU legislation on the UK’s exit from the EU and have long been understood in the context of adoption of international accounting standards.</p> answering member printed Lord Callanan grouped question UIN HL7918 question first answered 28/04/2022 09:34:22 answering member 4336 label Biography information for Lord Callanan
	tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1460206

	registered interest
	date	25/04/2022
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	UK Endorsement Board
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether the UK Endorsement Board has undertaken an analysis of what constitutes 'reliability' in the context of audited accounts and its endorsement criteria; if not why not; and whether any analysis includes positions from case law of applying the requirements of the Companies Act 2006.
	tabling member printed	Baroness Bowles of Berkhamsted
	uin	HL7918
	answer	answer is ministerial correction date of answer 28/04/2022 answer text <p>The UK Endorsement Board has been delegated powers to consider new international accounting standards for UK adoption only; it has no remit over audit policy and audit standards.</p><p> </p><p>This includes an assessment of the compatibility of new standards with the requirements of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685 (IAS Regulations). The IAS Regulations require that “the standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.” These requirements were on-shored from EU legislation on the UK’s exit from the EU and have long been understood in the context of adoption of international accounting standards.</p> answering member printed Lord Callanan grouped question UIN HL7917 question first answered 28/04/2022 09:34:22 answering member 4336 label Biography information for Lord Callanan
	tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1231334

	registered interest
	date	03/09/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Aerospace Industry: Research
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government how much they provided in research and development grants to the aerospace industry in (1) 2018, and (2) 2019.
	tabling member printed	Lord Jones
	uin	HL7791
	answer	answer is ministerial correction date of answer 17/09/2020 answer text <p>The Government and industry have made a joint commitment to invest £3.9 billion in aerospace research and development (R&amp;D) from 2013 to 2026. The Government’s share of the £1.95 billion is managed through the Aerospace Technology Institute Programme. An annual breakdown of expenditure and budgets for the years requested is set out in the table below:</p><p> </p><table><tbody><tr><td><p>Fiscal Year</p></td><td><p>Expenditure (£m)</p></td><td><p>Allocated Budget (£m)</p></td></tr><tr><td><p>2018/19</p></td><td><p>140</p></td><td><p>154</p></td></tr><tr><td><p>2019/20</p></td><td><p>149</p></td><td><p>150</p></td></tr><tr><td><p>2020/21</p></td><td><p>N/A</p></td><td><p>150</p></td></tr></tbody></table><p> </p><p>The aerospace industry is also supported through the Industrial Strategy Challenge Fund (ISCF). Around £60 million was allocated to a suite of high-value manufacturing aerospace projects in 2017, and aerospace companies are eligible for the current ISCF challenges, such as the Future Flight Challenge (£125 million) and Driving the Electric Revolution (£80 million).</p> answering member printed Lord Callanan grouped question UIN HL7792 question first answered 17/09/2020 15:56:07 answering member 4336 label Biography information for Lord Callanan
	tabling member	530 label Biography information for Lord Jones

1231335

	registered interest
	date	03/09/2020
	answering body	Department for Business, Energy and Industrial Strategy
	answering dept id	201
	answering dept short name	Business, Energy and Industrial Strategy
	answering dept sort name	Business, Energy and Industrial Strategy
	hansard heading	Aerospace Industry: Research
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what amount of research and development grants for the aerospace industry are earmarked for (1) 2020, and (2) 2021.
	tabling member printed	Lord Jones
	uin	HL7792
	answer	answer is ministerial correction date of answer 17/09/2020 answer text <p>The Government and industry have made a joint commitment to invest £3.9 billion in aerospace research and development (R&amp;D) from 2013 to 2026. The Government’s share of the £1.95 billion is managed through the Aerospace Technology Institute Programme. An annual breakdown of expenditure and budgets for the years requested is set out in the table below:</p><p> </p><table><tbody><tr><td><p>Fiscal Year</p></td><td><p>Expenditure (£m)</p></td><td><p>Allocated Budget (£m)</p></td></tr><tr><td><p>2018/19</p></td><td><p>140</p></td><td><p>154</p></td></tr><tr><td><p>2019/20</p></td><td><p>149</p></td><td><p>150</p></td></tr><tr><td><p>2020/21</p></td><td><p>N/A</p></td><td><p>150</p></td></tr></tbody></table><p> </p><p>The aerospace industry is also supported through the Industrial Strategy Challenge Fund (ISCF). Around £60 million was allocated to a suite of high-value manufacturing aerospace projects in 2017, and aerospace companies are eligible for the current ISCF challenges, such as the Future Flight Challenge (£125 million) and Driving the Electric Revolution (£80 million).</p> answering member printed Lord Callanan grouped question UIN HL7791 question first answered 17/09/2020 15:56:07 answering member 4336 label Biography information for Lord Callanan
	tabling member	530 label Biography information for Lord Jones