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1131475

registered interest
date	11/06/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included a review of the (1) capital structure, (2) tax planning, and (3) managerial record, of Greybull Capital and its associates.
tabling member printed	Lord Myners
uin	HL16269
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The British Business Bank was not involved.</p> answering member printed Lord Henley question first answered 20/06/2019 11:30:04 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1131479

registered interest
date	11/06/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications for the £120 million loan they made to British Steel; and whether they will now answer the original question put, namely, whether that loan was guaranteed by Greybull Capital or related parties.
tabling member printed	Lord Myners
uin	HL16273
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Deed of Forfeiture bridge facility agreed between Government and British Steel Limited provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p><p> </p><p>Under the Deed of Forfeiture agreed between the company and British Steel Limited, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances. Greybull are not party to this Deed of Forfeiture, and as a result of the liquidation, day-to-day control has passed to the liquidator of British Steel Limited.</p><p> </p><p>The terms of the commercial agreement between Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p> answering member printed Lord Henley question first answered 20/06/2019 11:29:54 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130842

registered interest
date	10/06/2019
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	Takeovers: Conflict of Interests
house id	2
legislature	25277 pref label House of Lords
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 .
tabling member printed	Lord Myners
uin	HL16209
answer	answer is ministerial correction date of answer 19/06/2019 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> answering member printed Lord Henley question first answered 19/06/2019 16:42:37 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130249

registered interest
date	05/06/2019
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	British Steel: Insolvency
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL16110
answer	answer is ministerial correction date of answer 19/06/2019 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> answering member printed Lord Henley question first answered 19/06/2019 11:33:12 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1130251

registered interest
date	05/06/2019
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	British Steel: Insolvency
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL16112
answer	answer is ministerial correction date of answer 19/06/2019 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> answering member printed Lord Henley question first answered 19/06/2019 11:33:53 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners