28-05-2025
- Business
- The Herald Scotland
Watchdog probes Springbank baron over nuclear firm meeting
The paper stated that Lord Duncan of Springbank helped Terrestrial Energy secure a meeting in 2023 with Andrew Bowie, then the UK nuclear minister.
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Lord Duncan, who has also served as a junior climate minister, has been an adviser to Terrestrial Energy since 2020.
The company is developing a new type of nuclear reactor it claims can be built more quickly and cheaply than traditional power stations.
Although Lord Duncan has not received a salary for the role, he has been granted share options—allowing him to buy company shares at a preferential rate if the business becomes profitable.
Documents released under freedom of information legislation show that, in 2023, Lord Duncan forwarded a letter from Terrestrial Energy's chief executive, Simon Irish, to Mr Bowie.
In the letter, Mr Irish requested a meeting with the minister to introduce himself and brief him on the firm's products. He noted that, alongside a partner, the company had 'applied for a grant from [the] UK's nuclear fuel fund programme'.
In his accompanying email, Lord Duncan wrote: 'Sorry this letter has taken so long to get to you … The chap in question is in town week commencing 1 May, if you have any availability. I realise it's short notice but I thought it might be better than a Zoom. Good to see your youngster bobbing up on my timeline beaming away merrily. Please pass on my best wishes to [name redacted].'
A Whitehall official later replied confirming that Mr Bowie 'would be pleased' to meet Mr Irish and asked for his contact details.
The House of Lords Commissioners for Standards' website confirms that Lord Duncan is under investigation for a 'potential breach' of paragraph 9(d) of the 12th edition of the House of Lords Code of Conduct, which states that "Members must not seek to profit from membership of the House by accepting or agreeing to accept payment or other incentive or reward in return for providing parliamentary advice or services."
Responding to the Guardian last month, Lord Duncan denied breaching any rules, describing the meeting as a 'continuation of the dialogue' between Terrestrial Energy and the UK Government.
'In forwarding on this letter to Andrew Bowie, I was introducing a representative from a company already known to the government and with whom the representatives of the government had met previously,' he said.
Lord Duncan added that he had not received any additional share options or remuneration since 2020. 'Such options in private companies have no value when granted, and only have prospective value on an exit, which is entirely uncertain, and may be many years after the grant.'
