With this it will be convenient to discuss the following:
New clause 8—Disposal of Crown’s shares in UK Green Investment Bank Company: purchaser’s obligations—
‘Before any sale of the Crown’s shares in the UK Green Investment Bank Company takes place each prospective purchaser must enter an enforceable undertaking to fully fund the Bank’s current five year business plan.”
This new clause would ensure that the Green Investment Bank is maintained as a single, functioning institution and can continue to invest in the UK’s low carbon economy at the same level as was planned prior to privatisation.
Amendment 17, in clause 37, page 54, line 44, at end insert—
“6B Report on remuneration of chair, non-executive directors and executive team
(1) For each year following a disposal of shares held by the Crown in a UK Green Investment Bank company the Secretary of State must lay before Parliament a report on the remuneration of the company’s chair, non-executive directors and executive team by the company.
(2) The report shall include a statement of the framework or broad policy for the remuneration of the above individuals.
(3) The report shall include the value of the following, where applicable, in respect of each individual—
(a) salary or fee,
(b) pension,
(c) other cash or non-cash benefits, including bonus or performance-related payments, and
(d) shareholdings in a UK Green Investment Bank company.”
This amendment would require, following a disposal of shares in a UK Green Investment Bank company, that the Secretary of State to report annually on the remuneration of the Chair, non-executive directors and Executive Team of the company.