Moreover 50 British MPs have secret stakes in big companies According to a study published by ‘The Guardian’, while it is not generally a violation of the House of Commons regulations regarding the promotion of personal assets, it could constitute a conflict of interest.
Among the mentioned MPs is the former British Prime Minister. Theresa MayChairman of the House of Commons Environment Committee, Robert Goodwillor former Minister of Education Gavin WilliamsonPersons who own shares in banks, construction companies, companies in the military industry, electricity or supermarkets through very close persons such as personally partners.
Parliamentary regulations that have been in effect since 2015, They declare their holdings in companies in which they have more than 15 percent stake, or when their value exceeds £70,000. (82,100 Euros) is a very low bar for organizations advocating transparency in a company. The figure is far from the minimum set in countries where it is $1,000, such as the United States.
In addition, parliamentary regulations mandate the announcement of actions that may or may not be reasonable.no conflict of interestat the discretion of the attorney.
“When an MP owns a stake in a company affected by legislation that is under debate, tensions are inevitable between protecting his personal business and advocating for the public interest. Knowing this information publicly is key to preventing abuse of public office. Steve Goodrich, director of research at Transparency International UK, said. He warned that this conflict is affecting fundamental laws regarding housing, climate change or the high cost of living.
Other names appearing are Conservative MP Desmond Swayne; Labor Party Finance spokesperson Seema Malhotra or Scottish National Party spokesperson Brendan O’Hara, whose shares are below the £70,000 mark.
The investigation reveals that current British Prime Minister Rishi Sunak owned a stake in the National Electric Grid until two days before he was elected as the Conservative Party candidate for his constituency. Sunak announced that it has been a trust controlling its investments since July 2019..
Theresa May owned shares in the oil company BP when she was Home Secretary, and her husband owned shares in BP, Barclays, BT and Centrica. Four months after her appointment as prime minister, these shares were controlled by a trust, but previously, while she was still interior minister, she spoke to IT representatives while her husband still held an undisclosed stake in the company.
“Theresa May denies any allegations of breaking parliamentary rules or ministerial law for her husband’s economic interests in IT”, a spokesperson for May clarified by recalling that during her tenure, laws were passed that were not in favor of BT.
The article in The Guardian is the result of six months of research and multiple procedures with recordings to obtain the raw data, which is not always easy.
“It is very worrying that it is so difficult to find out who owns shares in publicly traded companies in this country. That practically makes them hidden,” complained Susan Hawley, executive director of Spotlight on Corruption.