Latest news with #TerrestrialEnergy
The Guardian
4 days ago
- Business
- The Guardian
Tory peer apologises for helping set up ministerial meeting for firm he advises
A Conservative peer has apologised for breaking the House of Lords rules by helping to secure a meeting with a minister for a Canadian company he advises. Ian Duncan, a deputy speaker of the Lords, was found to have breached the rules by providing a parliamentary service for Terrestrial Energy when he facilitated an introduction between its chief executive and a new energy minister. His conduct had been reported to the House of Lords standards commissioner following the Guardian's months-long investigation examining the commercial interests of peers. As a result of the Lords debate series, four other peers are being investigated to establish whether they breached the house's code of conduct. A fifth peer, Iain McNicol, a former general secretary of the Labour party, was required to apologise in May for breaking the rules by writing to the Treasury to promote a cryptocurrency firm that was paying him. In a report published on Friday, the standards commissioner ruled that Lord Duncan of Springbank had broken the rules which forbid peers from seeking to profit from their membership of the upper chamber. The former junior climate minister has been an adviser to Terrestrial Energy since 2020. When he first joined, he was given share options, which allow him to buy shares in the company at a preferential rate if they become profitable. The Guardian revealed that, in 2023, Duncan forwarded a letter to Andrew Bowie, the nuclear minister at the time, from Simon Irish, the firm's chief executive who wanted a meeting with the minister at short notice. The peer signed off his email 'Lord D of S'. The chief executive of the company, which is developing a new type of nuclear reactor, secured the meeting with Bowie at which he lobbied for Terrestrial Energy to be given easier access to government funding. In his response to the watchdog, Duncan said Bowie was a 'friend of long standing' who had helped him get elected as a member of the European parliament in 2014 and had then worked in his Brussels office. Duncan argued: 'It was this personal relationship, and not my membership of the upper house, nor my government service, which led Mr Irish to ask whether there was a prospect (albeit limited) that a personal request might help land a meeting during his visit.' Margaret Obi, the Lords commissioner, decided that the rule prohibiting peers from providing 'parliamentary services in return for payment or other incentive or reward' was absolute. She added: 'It did not provide an exemption in cases where there was an existing personal relationship.' She ruled: 'Although Lord Duncan stated he was not paid specifically for facilitating this introduction, he received an allocation of share options as consideration for his work for Terrestrial Energy. 'I consider that this can reasonably be understood to have been an incentive or reward for the various tasks he undertook for the company.'
The Herald Scotland
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. READ MORE: 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.'
The Guardian
28-05-2025
- Business
- The Guardian
Watchdog investigates Tory peer over nuclear firm's meeting with minister
The House of Lords watchdog has launched an investigation into a Conservative peer who helped to secure a meeting with a government minister for a Canadian nuclear technology company he was advising. The watchdog will examine evidence that Ian Duncan potentially breached parliamentary rules when he facilitated an introduction between the minister and the company's chief executive while he was on the company's advisory board. He is the fourth peer to face a conduct inquiry after a project by the Guardian examining the commercial interests of members of the upper chamber. Two others, Lord Dannatt and Lord Evans of Watford are under investigation. Earlier this month, Iain McNicol, a Labour peer, apologised for breaking the House of Lords code of conduct after he had written to the Treasury to promote a cryptocurrency firm that was paying him. The Lords commissioners for standards has launched the inquiry into whether Lord Duncan of Springbank had breached the rules that forbid peers from seeking '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'. Duncan has previously denied that he had broken the rules. The investigation comes after the Guardian revealed in April that he had helped the company, Terrestrial Energy, to secure the meeting in 2023 with Andrew Bowie, the nuclear minister at the time. The meeting enabled Terrestrial Energy's chief executive to lobby for easier access to UK government funding. Terrestrial Energy is developing a new kind of nuclear reactor that it believes can be built more quickly and cheaply than traditional nuclear power stations. As part of the drive to meet net zero targets, the British government has been providing grants to companies working to develop new technologies in this field. Duncan, a former junior climate minister, has been an adviser to the company since 2020. He has not received a salary for the position but was given share options instead. These options give him the right to buy shares in the company at a preferential rate if they become profitable. Documents released under freedom of information legislation show that, in 2023, Duncan forwarded a letter from Simon Irish, Terrestrial Energy's chief executive, to Bowie. In the letter, Irish asked for a meeting with Bowie to 'introduce himself and Terrestrial Energy' so he could brief the minister on the company's products. He also wrote that, with a partner, the company had 'applied for a grant from [the] UK's nuclear fuel fund programme'. In his email to Bowie, Duncan, signing himself off as 'Lord D of S', said: '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 time line beaming away merrily. Please pass on my best wishes to [name blacked out].' A Whitehall official sent an email back to say Bowie 'would be pleased' to meet Irish, and requested his contact details. Duncan provided them. He also forwarded the civil servant's email to Irish, advising the chief executive to contact officials directly to set up the meeting. When previously contacted, Duncan said that he did not believe he had broken Lords rules and that the meeting was a 'continuation of the dialogue' between Terrestrial Energy and the government, as the company had held previous meetings with ministers and officials before his involvement. '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.' Terrestrial Energy, he added, had not given him any further share options since 2020 nor any other remuneration. '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.' Duncan, who has been a peer since 2017 and is a deputy speaker in the upper chamber, did not attend the meeting that took place in June 2023.
The Guardian
10-04-2025
- Business
- The Guardian
Tory peer helped secure meeting with minister for Canadian firm he advises
A Conservative peer helped to secure a meeting with a minister for a Canadian company he was advising while it was seeking government funding worth millions of pounds. Ian Duncan was on an advisory board of Terrestrial Energy, a nuclear technology company, when he 'facilitated an introduction' between its chief executive and a new energy minister while the company was applying for a government grant. The revelation raises questions for Duncan about whether his actions broke House of Lords rules. The meeting with Andrew Bowie, the nuclear minister at the time, enabled the chief executive of Terrestrial Energy to lobby for easier access to UK government funding. Lord Duncan of Springbank has been an adviser to the company since 2020, after he was recruited by another peer, Lady Bloomfield. He took the position months after a stint as a junior climate minister. He does not receive a salary for the role, but was given share options at the outset of his appointment. These give him the right to buy shares in the company at a preferential rate if they become profitable. In March, the company announced a deal that would result in its shares being listed on a US stock market at the end of the year, with the company valued at about $1bn. The move could allow Duncan to make a significant profit. Terrestrial Energy, founded in 2013 in Canada, is developing a new type of nuclear reactor that it believes can be built more quickly and cheaply than traditional nuclear power stations. The company moved its headquarters to the US last year. In announcing its plans last month to list on the stock exchange, the company highlighted the 'seasoned, experienced team' on its advisory board, including members who have previously worked within government. The British government has been providing grants to help develop a new generation of nuclear technologies, as part of meeting net zero targets. Documents released under freedom of information laws show that in April 2023 Duncan forwarded a letter from Simon Irish, Terrestrial Energy's chief executive, to Bowie, the nuclear minister at the time. Irish's letter requested a meeting with Bowie to 'introduce himself and Terrestrial Energy' so he could brief the minister on the company's products. He also wrote that, with a partner, the company had 'applied for a grant from [the] UK's Nuclear Fuel Fund program'. Duncan, signing himself off as 'Lord D of S', said in the email to Bowie: '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 time line beaming away merrily. Please pass on my best wishes to [name blacked out].' A civil servant emailed back to say Bowie 'would be pleased' to meet Irish, and asked for his contact details. Duncan provided them. He also forwarded the civil servant's email to Irish, advising the chief executive to contact officials directly to arrange the meeting. Peers are banned under House of Lords rules from seeking to 'profit from membership of the house'. They are barred from making use of their position to 'help others to lobby' members of either house, ministers or officials, 'by whatever means'. Dr Jonathan Rose, a political integrity expert at De Montfort University, said Duncan's conduct appeared to be 'extremely problematic'. 'I think there needs to be an investigation specifically into Lord Duncan to understand whether he actually did break the rules. It seems to me that he is providing parliamentary advice and services, which he's not allowed to do.' Details of Duncan's conduct are being published by the Guardian as part of the Lords debate, a series examining the role of the House of Lords and the conduct of its members, at a time when the government is proposing to reform the upper chamber. In response to questions from the Guardian, Duncan said he did not believe he had broken Lords rules. He said the meeting was a 'continuation of the dialogue' between Terrestrial Energy and the government, as the company had held previous meetings with ministers and officials before his involvement. Duncan said: 'Simon Irish sought, and I facilitated, an introduction to the new minister [Bowie].' He added: '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 he had made Bowie aware 'informally' that he had a financial interest in Terrestrial Energy. He said Terrestrial Energy had not given him any further share options since 2020 nor any other remuneration. '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,' he added. He declares in his House of Lords register that he is an adviser to the company. The meeting took place on 12 June 2023, when Irish returned to the UK. According to an official note of the meeting, Terrestrial Energy pressed Bowie to make it easier for the company to get access to 'grant programmes which are not overbearing and prescriptive and are 'easy access''. Duncan, who has been a peer since 2017 and is a deputy speaker in the upper chamber, did not attend the meeting. The following month, a consortium of three companies including Terrestrial Energy was awarded a £2.9m government grant. There is no suggestion that this grant, for which Terrestrial Energy had applied earlier in the year, came about as a result of the June meeting. Bowie did not respond to requests for comment from the Guardian. Terrestrial Energy said: 'Lord Duncan facilitated the exchange of introductions and contact details between Simon Irish and the office of the new nuclear minister.' It added that the June meeting 'resulted from the direct engagement of Terrestrial Energy with the government, after the government reached out to Simon Irish'. 'Lord Duncan made clear upon joining Terrestrial Energy that he was bound by the code of conduct of the House of Lords.'
The Guardian
09-04-2025
- Business
- The Guardian
Questions over Tory peer's support for nuclear company's UK ambitions
A Conservative peer faces questions over her long-running support for a Canadian nuclear technology company hoping to develop the next generation of power stations in the UK. Olivia Bloomfield has acted in support of the company, Terrestrial Energy, since 2018, including in advisory roles for which she received share options. She organised for top executives of the company to meet ministers on two occasions in 2018. Later, while a whip in Boris Johnson's government, she helped recruit two fellow peers to the company's advisory board. Once Lady Bloomfield had stepped down from government, she was given share options, which could prove highly valuable later this year when Terrestrial Energy launches its shares publicly for the first time on an American stock exchange, with an estimated value of $1bn (£770m). Jonathan Rose, a political integrity expert at De Montfort University, said there were questions 'about whether she has always acted with openness and accountability'. He said the meetings in 2018 with ministers and Bloomfield's appointment as an adviser shortly afterwards, for which she received share options, raised 'serious questions' about whether she had broken the House of Lords rules, which he said the Lords commissioners for standards 'should investigate as a matter of urgency'. Bloomfield said she had been 'scrupulous' in her declarations and 'strongly' maintained she did not breach the code of conduct. Bloomfield, now a Conservative whip and shadow Welsh minister, joined the Lords in 2016 after being nominated by David Cameron when he quit Downing Street. She ran Tory fundraising from 2006 to 2010. In the House of Lords, Bloomfield developed an interest in nuclear energy and took up a fellowship that provided her with knowledge of and access to the industry. Her support for Terrestrial Energy appears to have begun around April 2018, when she met the then junior business minister Richard Harrington with executives from the company, including its CEO, Simon Irish, according to official documents gained through freedom of information legislation. The meeting was organised after Bloomfield contacted Harrington. She noted that she had 'no commercial interest' with Terrestrial Energy at that time. Beforehand, Whitehall officials said they had been 'ambushed' by Bloomfield to hold a meeting. They wrote in an email to the business minister that she 'strongly represents the views' of the company and that it was 'apparent from previous correspondence' she would be 'lobbying [for] the best interests of Terrestrial Energy'. They noted that Bloomfield had already introduced the company to officials working with Alun Cairns, the then minister responsible for Wales. Officials' notes of the meeting with Harrington said Terrestrial Energy had pushed for government grants to be given to companies developing reactors. Two months later, on 5 June 2018, Bloomfield and another Terrestrial Energy executive met Stuart Andrew, a junior minister in the Wales Office. An official's notes show they pressed for Terrestrial Energy's reactors to be developed in Wales. Bloomfield had helped to secure the meeting with Andrew and sent the Wales Office documents drawn up by Terrestrial Energy to promote its case. Later the same month, she was appointed an adviser to the company. On 21 June, Terrestrial Energy awarded her share options, a right to buy shares in the company at a fixed price after a set period of time. She told the Guardian that she took the options for the role instead of a fee because Terrestrial Energy had yet to make a profit. Members of the House of Lords are not permitted to provide parliamentary services in return for payment. Bloomfield said she had 'no financial involvement or interest in Terrestrial Energy' when she organised either of the meetings and there was therefore no breach of the House of Lords' rules. At issue is whether she had started discussing a commercial role with Terrestrial Energy when she attended the meeting with the Welsh minister on 5 June. When asked, Terrestrial Energy and Bloomfield both declined to answer this question. She described the April meeting with Harrington as purely 'educational' about next-generation nuclear technologies, but declined to provide any details of her meeting in June. Rose said: 'I think there are serious questions to answer about whether at the time of the June meeting she had agreed to accept a payment or incentive in the form of the share options – particularly given how quickly they were granted after.' In late July 2019, Bloomfield was appointed to Johnson's government as a Lords whip. Her duties included speaking in debates on behalf of a few departments if their minister was unavailable, including for the energy department. She said she relinquished the share options and her role in Terrestrial Energy on her appointment. However, she continued to support the company while a minister. Until February 2020, one of Bloomfield's frontbench colleagues in the Lords was Ian Duncan, a climate minister in the energy department. She said that when she stood down from the advisory board she 'replaced' herself with Lord Duncan and another peer, John Browne, the former BP chief executive. Duncan's appointment began in October 2020. Browne did not start his role until February 2023. In April 2021, Anne-Marie Trevelyan, an energy minister at the time, held a meeting with Irish. Trevelyan met the Terrestrial Energy chief executive 'on the recommendation' of Bloomfield, according to an email from an official in Trevelyan's private ministerial office. A readout of the meeting days later shows Irish asked if the government would consider 'grant/financing opportunities' and adapt the scope of a government-funded programme on nuclear fuel development. Trevelyan, the readout says, expressed interest in his proposal. Bloomfield said it was 'unlikely' she would have only recommended Trevelyan meet Terrestrial Energy. Trevelyan did hold other meetings with nuclear companies, including with companies that are partners of Terrestrial Energy, but Bloomfield declined to give any further details on other recommendations she may have given. In April 2022, Bloomfield attended a meeting of the all-party parliamentary group on small modular reactors, which was hearing a presentation from Terrestrial Energy. Bloomfield declared she was formerly on the company's advisory board. She cited having previously introduced Terrestrial to a minister in 2018, 'when there was a very firmly closed door!', according to minutes of the meeting. Bloomfield returned to the company in August 2023, less than three months after leaving government, and was awarded fresh share options as remuneration for a role as an 'ad hoc consultant responsible for future fundraising and headhunting suitable individuals to join the firm'. Susan Hawley, a campaigner and director of Spotlight on Corruption, said: 'That she went on to be rehired by the company having played such an apparently useful role to the company as a minister is deeply concerning and suggests that further investigation is in order.' Bloomfield said she went through 'all the proper channels'. She added that she had received approval from the Advisory Committee on Business Appointments (Acoba), which regulates jobs taken up by former ministers. Bloomfield said to the Acoba committee she had had no official contact with Terrestrial Energy while a whip. She does not appear to have told the committee about her attendance at the all-party parliamentary group meeting in April 2022 or about her role in hiring two peers to the company's advisory board, while she was a minister. A spokesperson for Terrestrial Energy said: 'We trust and require that our employees and advisers always operate in line with all relevant laws, ethics policies, regulations and codes of conduct that apply. We would take any breaches of those rules by our representatives very seriously.' They added they were aware of the Lords code of conduct and had been assured by Bloomfield that she had 'only ever acted for us in accordance with that code'. From the backbenches, at times declaring her role as an adviser to Terrestrial Energy, Bloomfield has continued to speak in the Lords on the merits of advanced modular reactors, a version of which the company is developing.
