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1005579

registered interest
date	12/11/2018
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	Post Office
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what criteria they use when considering whether to give permission under Article 11.1(O) of the Articles of Association of Post Office Limited to incur a commitment or liability of more than £50 million.
tabling member printed	Lord Arbuthnot of Edrom
uin	HL11350
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>As the sole Shareholder, the Government expects the Post Office Limited to ensure value for money principles in its use of resources at all times. Requests for consent are considered in the light of these principles.</p> answering member printed Lord Henley question first answered 19/11/2018 15:43:27 answering member 2616 label Biography information for Lord Henley
tabling member	56 label Biography information for Lord Arbuthnot of Edrom

1005598

registered interest
date	12/11/2018
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	Financial Reporting Council: Accounting Officers
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 24 October (HL10985), why Mr Haddrill was appointed responsible accounting officer on 1 August 2017 in view of the fact that he had been Chief Executive of the Financial Reporting Council (FRC) since 2009, and the FRC at the date of his appointment was designated a public body under the Government Resources and Accounts Act 2000; whether there was a period during which the FRC operated without a responsible accounting officer; if so, where accountability lay during that period; whether the FRC informed the Public Accounts Committee that it operated without a responsible accounting officer, for how long, and under whose authority; and if not, why not.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL11369
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Office for National Statistics concluded in December 2014 that the Financial Reporting Council (FRC) was a public body within central government. The Department for Business Innovation and Skills (as it then was) examined whether there was scope for further review. The Department for Business, Energy and Industrial Strategy concluded in 2017 that they should work with the FRC on the formal application of all relevant guidelines. Prior to that date, the Department communicated the requirements it imposed on the FRC as a public body through the FRC’s Chief Executive Officer.</p> answering member printed Lord Henley question first answered 19/11/2018 15:41:50 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1005599

registered interest
date	12/11/2018
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	Financial Reporting Council: Audit
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the Financial Reporting Council (FRC)’s Practice Note 10 Audit of financial statements of public sector bodies in the UK as applicable to public bodies should have been applied to the FRC's accounts for the year ended 31 March, given that the FRC was itself a public body for all that period.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL11370
answer	answer is ministerial correction date of answer 22/11/2018 answer text <p>The Financial Reporting Council (FRC)’s Practice Notes contain auditing rather than accounting guidance, so are not directly applicable to the preparation of the FRC’s accounts.</p><p> </p><p>Practice Notes contain best practice guidance to help auditors apply auditing standards in the context of particular kinds of engagement (including public sector bodies, charities and banks). They do not contain additional requirements to those in auditing standards (ISAs (UK)), Practice Note 10 provides relevant context and application guidance for any audit engagement for a public sector body, including the FRC.</p><p> </p><p>The audit of the FRC is carried out in accordance with auditing and ethical standards used by all auditors in the UK.</p><p> </p><p>Practice Note 10 provides guidance on regularity. Regularity is the concept that transactions recorded in the financial statements of an audited business must be in accordance with the relevant framework. These frameworks are specific to the audited business and set out the requirements their transactions must comply with.</p><p> </p><p>The FRC auditor is not required to give a separate opinion on regularity because the FRC is required to prepare its accounts in accordance with Companies Act requirements and uses FRS 102.</p> answering member printed Lord Henley question first answered 22/11/2018 16:32:45 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1005600

registered interest
date	12/11/2018
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	Financial Reporting Council
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will place in the Library of the House the framework document for the Financial Reporting Council as agreed with its sponsoring department, as required by the HM Treasury document, Managing Public Money, published in July 2013.
tabling member printed	Baroness Bowles of Berkhamsted
uin	HL11371
answer	answer is ministerial correction date of answer 23/11/2018 answer text <p>The Framework Document between the Financial Reporting Council and the Department is in the process of being agreed. Once agreed, it will be placed in the Libraries of the House.</p> answering member printed Lord Henley question first answered 23/11/2018 11:41:33 answering member 2616 label Biography information for Lord Henley
tabling member	4562 label Biography information for Baroness Bowles of Berkhamsted

1005627

registered interest
date	12/11/2018
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	Companies: Codes of Practice
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what proportion of companies they estimate will (1) appoint a director appointed from the workforce, (2) establish a formal workforce advisory panel, (3) appoint a designated non-executive director, and(4) do none of these, as a result of the UK Corporate Governance Code of July 2018.
tabling member printed	Lord Mendelsohn
uin	HL11398
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Government did not set out a preferred option and has not made an estimate of how it anticipates companies will respond. It is for companies to decide which option, or combination of options, will work best in their particular circumstances.</p><p> </p><p>The Government is aware that boards are already giving careful consideration to their employee engagement arrangements and intends to monitor closely how companies respond to the new provisions.</p><p> </p> answering member printed Lord Henley question first answered 19/11/2018 15:42:23 answering member 2616 label Biography information for Lord Henley
tabling member	4286 label Biography information for Lord Mendelsohn

1005628

registered interest
date	12/11/2018
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	Companies: Codes of Practice
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government by what process and criteria they will evaluate companies’ explanations for non-compliance with the revised UK Corporate Governance Code of July 2018; and what steps they plan to take when they deem explanations for non-compliances not to be satisfactory.
tabling member printed	Lord Mendelsohn
uin	HL11399
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The UK Corporate Governance Code is the responsibility of the Financial Reporting Council. It is the responsibility of investors to assess the quality of reporting and engage with companies accordingly.</p><p> </p><p>The 2018 Code is a substantial revision and comes into force for accounting periods beginning on or after 1 January 2019. Reporting against the revised Code will therefore not be required until 2020 when companies publish their annual reports and accounts for the preceding year. However, the FRC intends to evaluate the extent of early adoption of the new Code in terms of reporting on the application of its Principles and compliance or otherwise with its Provisions and to publish its findings at the end of 2019.</p><p> </p><p>The FRC is the subject of an independent review being led by Sir John Kingman which is expected to report before the end of the year.</p><p> </p> answering member printed Lord Henley question first answered 19/11/2018 15:43:10 answering member 2616 label Biography information for Lord Henley
tabling member	4286 label Biography information for Lord Mendelsohn