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1130249
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government when they estimate they will cease to provide financial support to British Steel; whether a specific event will trigger the end of that support; and whether that support will terminate when the Official Receiver has completed their work. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16110 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The immediate priority following the Official Receiver’s appointment as liquidator of British Steel Limited was to continue the safe operation of the sites while options are considered. To enable this, the Government has provided an indemnity to the Official Receiver, who is now responsible for the operations.</p><p> </p><p>The Official Receiver is currently overseeing a sales process as they seek to sell the business. Trading will continue whilst a buyer is sought.</p><p> </p> more like this
star this property answering member printed Lord Henley remove filter
star this property question first answered
less than 2019-06-19T11:33:12.963Zmore like thismore than 2019-06-19T11:33:12.963Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1130251
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact of British Steel's collapse on past and present employees. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16112 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>The Official Receiver was appointed liquidator of British Steel Limited. In his role as liquidator, the Official Receiver is under a statutory duty to investigate the cause of failure of the company and generally its business, dealings and affairs and has wide-ranging powers to obtain information, material, and explanations.</p><p> </p><p>My rt. hon. Friend the Secretary of State wrote to the Insolvency Service on 22 May requesting that the Official Receiver’s investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company, value transferred out of the company and whether any action by directors has caused detriment to creditors or to the pension schemes.</p><p> </p> more like this
star this property answering member printed Lord Henley remove filter
star this property question first answered
less than 2019-06-19T11:33:53.217Zmore like thismore than 2019-06-19T11:33:53.217Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1130842
star this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-06-10
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading Takeovers: Conflict of Interests more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 20 May (HL15640), whether they have reviewed the decision-making processes in investment institutions which hold equity investments in both the offeror and the offeree in a takeover situation but on behalf of different clients and where a particular outcome might favour one group of clients over another . more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16209 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
star this property answer text <p>Asset managers act as agents of investors in their funds. They are required to manage their funds in the best interests of all of their fund investors and to appropriately avoid, manage and disclose conflicts of interests that could, and do arise between different investor groups. This is a requirement of Markets in Financial Instruments Directive II (MiFID II).</p><p> </p><p>Asset managers should have policies, procedures and governance in place to effectively manage any conflicts arising from their stewardship obligations.</p><p> </p><p>The FCA has recently published a Policy Statement (PS 19/13) ‘Proposals to promote shareholder engagement: Feedback to CP 19/7 and final rules.’ This sets out final rules to implement requirements of the Revised Shareholder Rights Directive (SRD II). SRD II introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The rules came into effect on 10 June 2019 requiring asset managers to disclose and make publicly available their policies on how they engage with the companies they invest in. They also require asset managers to provide certain information to institutional investors, including occupational pension schemes. The new rules are designed to foster stewardship, and better stewardship should lead to better decision making in relation to mergers and acquisitions.</p>
star this property answering member printed Lord Henley remove filter
star this property question first answered
less than 2019-06-19T16:42:37.67Zmore like thismore than 2019-06-19T16:42:37.67Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1130858
star this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-06-10
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading Motor Vehicles: Manufacturing Industries more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what steps they are taking to increase productivity in the UK automotive sector. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16225 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-24more like thismore than 2019-06-24
star this property answer text <p>The UK already has one of the most productive automotive sectors in the world. In 2018 productivity levels in the sector were at £100,600/employee, a real term increase of 4.6% over 2017, and 42% higher than overall UK manufacturing productivity. The Government has a long-standing programme of support to maintain the productivity and competitiveness of the UK automotive sector. Through our Industrial Strategy and landmark Automotive Sector Deal, we are placing the UK at the forefront of new automotive technology development.</p><p> </p><p>The Sector Deal includes £32 million of joint funding for an industry-led supply chain competitiveness programme to help improve productivity in the UK supply chain and assure international competitiveness.</p><p> </p><p>We are determined to ensure that the UK continues to be one of the most competitive locations in the world for the automotive sector. BEIS Ministers and officials regularly engage with the automotive industry, including bilaterals with manufacturers, interactions via trade associations, and through the Department’s participation in the Automotive Council.</p>
star this property answering member printed Lord Henley remove filter
star this property question first answered
less than 2019-06-24T11:35:25.443Zmore like thismore than 2019-06-24T11:35:25.443Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this