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Enterprise and Regulatory Reform Act 2013

Enterprise and Regulatory Reform Act 2013

2013 CHAPTER 24

Commentary on Sections

Part 1: Uk Green Investment Bank Plc

Section 6: Documents to be laid before Parliament

52.This section makes provision in respect of Parliamentary oversight of the activities of the UK Green Investment Bank plc.

53.Subsection (2) requires the Secretary of State to lay a copy of the UK Green Investment Bank plc’s annual accounts and reports before Parliament as soon as practicable after the directors have laid copies of them before the company in general meeting under section 437 of the CA 2006. Under subsection (1), this requirement applies only if, at the date of the general meeting, the Crown owns at least one share in the UK Green Investment Bank plc.

54.Subsection (4) requires the Secretary of State, if he/she makes a material alteration to, or revokes, the operational independence undertaking given to the UK Green Investment Bank plc, to lay a copy of the amended undertaking before Parliament, or lay a statement before Parliament reporting the revocation, as soon as practicable after the date of alteration or revocation. Under subsection (3), this requirement applies only if, at the date of the alteration or revocation, the Crown owns more than half of the issued shares in the UK Green Investment Bank plc.

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Asesiadau Effaith

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.

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