Overview

This bill aims to prevent Members of Parliament (MPs) from receiving any financial or other benefits from oil and gas companies. It also mandates the Leader of the House of Commons to propose divestment of the Parliamentary Contributory Pension Fund from such companies.

Description

The bill requires the Leader of the House of Commons to propose a motion amending the MPs' Code of Conduct to explicitly prohibit MPs from accepting any financial or other benefits (including gifts, hospitality, donations, and employment) from oil and gas companies (defined as companies deriving over 50% of their annual revenue from oil and gas activities).

Key Amendments

• A new rule (11A) will be added to the Code of Conduct prohibiting such benefits.
• A new chapter (Chapter 5) will be added to the Guide to the Rules on the Conduct of Members, detailing the prohibition and specifying examples of prohibited benefits.
• The Committee on Standards can make further amendments to the Guide as needed.
• The Procedural Protocol will be amended to include a fine as a penalty for breaching the new rule, at least equivalent to the amount received in breach.
• Rules on All-Party Parliamentary Groups will be amended to prevent them from receiving financial or material benefits from oil and gas companies.

The bill also requires the Leader of the House to publish proposals within six months for divesting the Parliamentary Contributory Pension Fund from investments in oil and gas companies.

Government Spending

The bill is unlikely to directly increase or decrease government spending. The cost of implementing the changes to the Code of Conduct and pension fund divestment would need to be assessed separately, but is expected to be minimal.

Groups Affected

• Members of Parliament (MPs): They will be directly affected by the new rules restricting their interactions with oil and gas companies.
• Oil and Gas Companies: Their ability to influence MPs through financial or other benefits will be significantly curtailed.
• Parliamentary Contributory Pension Fund: This fund will likely need to divest from oil and gas company investments, potentially impacting its returns.
• The Committee on Standards: This committee will have a role in amending the Guide to the Rules, adding to its workload.
• All-Party Parliamentary Groups (APPGs): These groups will be prohibited from accepting funding from oil and gas companies.

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