division_name: Enterprise Bill [Lords] &#8212; Objectives of UK Green Investment Bank
motion: <p class="indent" pid="b143.2/3" pwmotiontext="yes">&#8220;For clarity, I will put the question again.&#8221;&#8211;&#8211;[Official Report, Enterprise Public Bill Committee, <phrase class="date" code="2016-02-23">23 February</phrase> 2016; c. 201.]</p>
  
  <p class="indent" pid="b146.2/6" pwmotiontext="yes">&#8220;This should bring a number of important benefits, giving GIB greater freedom to operate across a wider range of green sectors in accordance with its green purposes, which are enshrined in legislation.&#8221;&#8212;[Official Report, <phrase class="date" code="2016-06-25">25 June</phrase> 2015; Vol. 597, c. 27WS.]</p>
  
  <p class="indent" pid="b146.2/11" pwmotiontext="yes">&#8220;You&#8217;ll likely be aware that ONS doesn&#8217;t engage directly with arms length bodies like GIB. At the same time, however, we have been engaging closely with the Government over all matters relating to the sales process, and this is an issue where we&#8217;ve been as close as we can to Government throughout. We understand that Government has been engaging closely with ONS on this whole issue, including the special share structure which GIB is putting in place, and we understand that on the basis of those discussions the Government were sufficiently satisfied to allow the sales process to proceed.&#8221;</p>
  
  <p class="indent" pid="b148.0/2" pwmotiontext="yes">&#8220;As a key part of any sale discussions, potential investors will be asked to confirm their commitment to these values&#8221;&#8212;</p>
  
  <p class="indent" pid="b148.0/4" pwmotiontext="yes">&#8220;and to set out how they propose to protect them. Bidders&#8217; stated intentions will be taken into account in the overall assessment of bids.&#8221;</p>
  
  <p class="indent" pid="b149.0/4" pwmotiontext="yes">&#8220;Whilst we recognise there are potential benefits resulting from an injection of capital, we found that the Government has taken the decision to privatise GIB without due transparency, publication of relevant evidence, consultation, or proper consideration of alternatives. The absence of these steps is likely to lead to the suspicion that the move and its timing are not evidence-based policy.&#8221;</p>
  
  <p class="indent" pid="b151.1/4" pwmotiontext="yes">&#8220;the decision to privatise GIB without due transparency &#8230;consultation, or proper consideration of alternatives.&#8221;</p>
  
  <p class="indent" pid="b152.1/3" pwmotiontext="yes">&#8220;without due transparency, publication of relevant evidence, consultation, and proper consideration of alternatives.&#8221;</p>
  
  <p class="indent" pid="b155.2/5" pwmotiontext="yes">&#8220;will require the current staff complement with possibly a small number of additions.&#8221;</p>
  
  <p class="indent" pid="b161.5/2" pwmotiontext="yes">&#8220;We are 100% committed to delivering the full intent of the amendment passed in the Lords. I hope that by committing to implement this plan, and doing so transparently, we can secure the necessary confidence of shareholders, and members of Parliament that a special share solution can be delivered without the need for it to be mandated in legislation.&#8221;</p>
  
  <p class="italic" pid="b165.0/3" pwmotiontext="yes">The House divided:</p>
  
  <p pid="b165.0/4" pwmotiontext="yes">Ayes 202, Noes 284.</p>