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 publication of proposals to divest the Parliamentary Contributory Pension Fund from investments in these companies.

Description

The bill requires the Leader of the House of Commons to propose amendments to the MPs' Code of Conduct, effectively banning MPs from accepting any form of benefit—including gifts, hospitality, donations, and employment—from oil and gas companies (defined as companies deriving over 50% of their revenue from oil and gas activities).

Further, the bill mandates the creation of a new chapter in the Guide to the Rules relating to the Conduct of Members, specifically addressing interactions with oil and gas companies and including penalties for breaches (including fines equivalent to the value of the benefit received).

Amendments to the Rules on All-Party Parliamentary Groups (APPGs) will prevent them from accepting financial or material benefits from oil and gas companies. Finally, within six months of the bill passing, the Leader of the House must publish proposals for the divestment of the Parliamentary Contributory Pension Fund from oil and gas companies.

Government Spending

The bill doesn't directly specify government spending. The costs will likely involve administrative changes to update the Code of Conduct, Guide to the Rules, and APPG regulations. Potential costs associated with divesting the Parliamentary Contributory Pension Fund will require further assessment and will depend on the scale and timing of the divestment.

Groups Affected

• Members of Parliament (MPs): MPs will be directly affected by the ban on receiving benefits from oil and gas companies. This could impact their ability to engage with or receive support from these companies.
• Oil and Gas Companies: These companies could experience reduced influence on political decision-making processes.
• Parliamentary Contributory Pension Fund: This fund will need to adjust its investment strategy if the divestment proposals are adopted, potentially affecting the long-term returns for MPs' pensions.
• All-Party Parliamentary Groups (APPGs): APPGs will need to comply with the new rules prohibiting financial or material benefits from oil and gas companies.

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