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To ask the Secretary of State for Business and Trade, what assessment his Department has made of regulatory or legislative measures to prevent private companies from unreasonably blocking the transfer of vested shares held by former employees.
To ask the Secretary of State for Business and Trade, what assessment his Department has made of regulatory or legislative measures to prevent private companies from unreasonably blocking the transfer of vested shares held by former employees.
Section 771 of the Companies Act 2006 requires companies to register a share transfer or provide reasons to the transferee for not doing so. Private companies’ articles of association, which must be approved by shareholders, may include provisions covering the secondary sale of shares. Such provisions may seek to balance the alignment of employee interests with the company’s long-term prospects while also considering the impact any restrictions have on employee share liquidity. In May 2025, the Government legislated to establish PISCES (Private Intermittent Securities and Capital Exchange System), the legal framework for a new type of stock exchange for private companies. PISCES makes private secondary markets more transparent and efficient, enabling employees, founders and early-stage investors to realise and reinvest their gains.
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the impact that restrictions on secondary sales of private company shares have on economic growth and new business creation.
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the impact that restrictions on secondary sales of private company shares have on economic growth and new business creation.
Section 771 of the Companies Act 2006 requires companies to register a share transfer or provide reasons to the transferee for not doing so. Private companies’ articles of association, which must be approved by shareholders, may include provisions covering the secondary sale of shares. Such provisions may seek to balance the alignment of employee interests with the company’s long-term prospects while also considering the impact any restrictions have on employee share liquidity. In May 2025, the Government legislated to establish PISCES (Private Intermittent Securities and Capital Exchange System), the legal framework for a new type of stock exchange for private companies. PISCES makes private secondary markets more transparent and efficient, enabling employees, founders and early-stage investors to realise and reinvest their gains.
To ask the Chancellor of the Exchequer, what steps her Department is taking to make it easier for current and former start-up employees to realise the value of their equity, including through secondary share sales.
To ask the Chancellor of the Exchequer, what steps her Department is taking to make it easier for current and former start-up employees to realise the value of their equity, including through secondary share sales.
The Government has taken significant steps to allow more employees to acquire shares in their employer's company.
At Autumn Budget 2025, the Government announced a major expansion of the Enterprise Management Incentives (EMI) scheme eligibility limits, which is expected to support around 1,800 high-growth scale-up companies and allow them to reward an estimated 70,000 employees with tax-advantaged share options.
In May 2025, the government legislated to establish PISCES, making private secondary markets more transparent and efficient, enabling employees, founders and early-stage investors to realise and reinvest their gains.
The Government also legislated in the 2026 Finance Bill to allow employers, with employee consent, to amend existing EMI and CSOP contracts to allow employees to exercise their share options on PISCES platforms while retaining the tax advantages of EMI and CSOP.
To ask the Chancellor of the Exchequer, whether her Department has had any discussions with the Financial Conduct Authority regarding the valuation transparency of BrewDog's Equity for Punks scheme.
To ask the Chancellor of the Exchequer, whether her Department has had any discussions with the Financial Conduct Authority regarding the valuation transparency of BrewDog's Equity for Punks scheme.
The government does not comment on individual firms’ commercial activities.
In 2024, the government delivered the Public Offers and Admissions to Trading Regulations which enabled the Financial Conduct Authority (FCA) to reform the UK Prospectus Regime to make it simpler and more effective. This new regime took effect on 19 January 2026, and will give investors access to better quality information to support their investment decisions.
The regulations also created a new regulated activity of operating a Public Offer Platform (POP). Companies seeking to make public offers of securities outside a public market to a broad investor base, where the value exceeds £5 million, will now need to do so via a POP, ensuring investors receive better information about their investments.
To ask His Majesty's Government what assessment they have made of the Executive Order “Prioritizing the warfighter in defense contracting”, published by the President of the United States of America on 7 January; and whether a similar decision in respect of stock buybacks and excessive corporate distributions would be appropriate...
To ask His Majesty's Government what assessment they have made of the Executive Order “Prioritizing the warfighter in defense contracting”, published by the President of the United States of America on 7 January; and whether a similar decision in respect of stock buybacks and excessive corporate distributions would be appropriate...
The Executive Order highlighted by the noble Lord outlines potential actions placed upon contractors deemed to be underperforming by the United States Government. Under the Procurement Act 2023, which came into force on February 24 2025, the UK Government has similarly strengthened its ability to take action against underperforming suppliers through a more centralized, transparent system.
Under the Procurement Act 2023 (the Act) the UK Government has strengthened its ability to deal with underperforming suppliers. The Act introduced commercial levers to manage systemic underperformance via an expanded exclusions regime. This regime ensures that a suppliers’ historic conduct, including poor performance, breaches of contract or serious misconduct, can be assessed and addressed appropriately. Discretionary exclusion grounds allow contracting authorities to take proportionate action where suppliers have demonstrated significant or persistent poor performance, including any self-cleaning demonstrated by the supplier. Where a supplier is an excluded or excludable supplier, the Ministry of Defence (MOD) must or may restrict their participation in future competitions, depending on the nature of the exclusion, and in the most serious cases a Minister of the Crown may place a supplier on the debarment list, following investigation. This creates a transparent, consistent approach to managing poor performance risk across MOD and wider Government.
To ask the Minister for the Cabinet Office, pursuant to the Answer of 9 December 2025, to Question 94700, on Tim Allan, whether the records held by the Cabinet Office as part of the declaration of interests process for special advisers show that Tim Allan has any shareholdings or share...
To ask the Minister for the Cabinet Office, pursuant to the Answer of 9 December 2025, to Question 94700, on Tim Allan, whether the records held by the Cabinet Office as part of the declaration of interests process for special advisers show that Tim Allan has any shareholdings or share...
There is an established system in place for the declaration and management of special advisers' interests, including their financial interests. As has been the case under successive administrations, interests deemed relevant for publication for special advisers in No10 and the Cabinet Office are published on an annual basis by the Cabinet Office. Mr Allan sought and received advice on his interests. He has followed every element of the advice received.
Committee stage: except clauses 1 to 8, schedules 1 and 2, clauses 9, 10, 69 and 62, schedule 12, clauses 63 to 68 and 83 to 85, schedule 13, clause 86 and any new clauses or new schedules relating to the subject matter of these clauses and schedules. Clauses 156 to 224 agreed to. Schedule 19 agreed to. Clause 225 agreed to as amended. Clauses 226 to 258 agreed to. Schedule 20 agreed to. Schedule 21 agreed to as amended. Schedule 22 agreed to. Amendment to clause 259 negatived on division (6 votes to 11). Clauses 259 to 279 agreed to. New clauses 2, 10, 22, 25 negatived on division (6 votes to 10 respectively). New clause 33, discussed with new clause 35, withdrawn. New clause 34 withdrawn. New clause 36 negatived on division (6 votes to 10). Bill, as amended, to be reported (Bill 377). Committee rose. Written evidence reported to the House.
Committee stage: except clauses 1 to 8, schedules 1 and 2, clauses 9, 10, 69 and 62, schedule 12, clauses 63 to 68 and 83 to 85, schedule 13, clause 86 and any new clauses or new schedules relating to the subject matter of these clauses and schedules. Clauses 156...
Committee stage, except clauses 1 to 8, schedules 1 and 2, clauses 9, 10, 69 and 62, schedule 12, clauses 63 to 68 and 83 to 85, schedule 13, clause 86 and any new clauses or new schedules relating to the subject matter of these clauses and schedules. Programme motion agreed to. Written evidence motion agreed to. Clauses 11 and 12 agreed to. Clause 13, discussed with Government amendments and new clause 34. Clause 13 agreed to as amended. Clause 14, discussed with Government amendments, an amendment, clause 15 stand part, and new clause 1. Clause 14 agreed to. Amendment to clause 15 negatived on division (2 votes to 10). Clause 15 agreed to as amended. Clauses 16 to 23 agreed to. clause 24 agreed to as amended. Clause 25, discussed with clauses 26 and 27 stand part, Government amendments and new clause 25. Clauses 25 and 27 agreed to as amended. Clause 26 agreed to. Clause 28, discussed with clause 29 stand part, and new clause 2. Clauses 28 and 29 agreed to. Clause 30, discussed with new clause 3, agreed to. Clauses 31 to 34 agreed to. Clause 35, discussed with new clauses 28 and 29
Committee stage, except clauses 1 to 8, schedules 1 and 2, clauses 9, 10, 69 and 62, schedule 12, clauses 63 to 68 and 83 to 85, schedule 13, clause 86 and any new clauses or new schedules relating to the subject matter of these clauses and schedules. Programme motion...
To ask the Minister for the Cabinet Office, pursuant to 16 December 2025 to Question 96684 on Tim Allan, whether he made an assessment of the potential merits of requiring the shareholding in Strand Partners to be (a) sold and (b) moved into a blind trust.
To ask the Minister for the Cabinet Office, pursuant to 16 December 2025 to Question 96684 on Tim Allan, whether he made an assessment of the potential merits of requiring the shareholding in Strand Partners to be (a) sold and (b) moved into a blind trust.
I refer the Hon Member to the answer of 16 December 2025, Official Report, PQ 96684.
To ask the Secretary of State for Energy Security and Net Zero, whether staff at the National Energy System Operator are permitted to own shares in National Grid.
To ask the Secretary of State for Energy Security and Net Zero, whether staff at the National Energy System Operator are permitted to own shares in National Grid.
New employees at the National Energy System Operator (NESO) are required to divest any holding of energy sector shares, including in National Grid plc.
For employees transferring from National Grid Energy System Operator there are legacy arrangements in place. They have been allowed to keep their existing shares in the energy sector to prevent any individuals unfairly losing out in the NESO transaction.
Employees are required to disclose shareholdings, seek approval for any share sales, and cannot purchase new shares.
The board and Executive team cannot acquire new energy sector shares and have to divest all existing holdings over time.
To ask the Minister for the Cabinet Office, with reference to the letter from the Permanent Secretary to the hon. Member for Thirsk and Malton, dated 24 November 2025, whether the measures allow Tim Allan to potentially benefit from a rise in the value of his shares in Strand Partners.
To ask the Minister for the Cabinet Office, with reference to the letter from the Permanent Secretary to the hon. Member for Thirsk and Malton, dated 24 November 2025, whether the measures allow Tim Allan to potentially benefit from a rise in the value of his shares in Strand Partners.
Before his appointment as a special adviser, Mr Allan sought and received advice on his interests. He has followed every element of the advice received.
Mr Allan has formally waived his rights as a shareholder over any matter requiring consent or approval of investors, as well as rights to receive shareholder information. He has also waived his rights to receive any dividend, and will not receive any share options. He agreed not to increase his shareholdings in Strand Partners during his time as a special adviser. Mr Allan has recused himself from engagement with Strand Partners in relation to the firm’s business, and from involvement in any procurement relating to Strand Partners during his period of employment. He retains an investment in the company.
Lords motion to approve. Agreed to on question.
Lords motion to approve. Agreed to on question.
My Lords, the foreign state influence regime is designed to prevent foreign states controlling, influencing or owning our newspapers and news magazines. It is essential that we safeguard our free press and a pluralistic media landscape for the sake of our democracy. Newspapers remain a vital trusted news source. The...
My Lords, the foreign state influence regime is designed to prevent foreign states controlling, influencing or owning our newspapers and news magazines. It is essential that we safeguard our free press and a pluralistic media landscape for the sake of our democracy. Newspapers remain a vital trusted news source. The...
My Lords, as this is the Minister’s second statutory instrument debate today, I commend her stamina, and indeed I commend my noble friend on my own Front Bench for his, too. I welcome this statutory instrument, which meets the commitment that the Minister gave in July to close what was...
My Lords, as this is the Minister’s second statutory instrument debate today, I commend her stamina, and indeed I commend my noble friend on my own Front Bench for his, too. I welcome this statutory instrument, which meets the commitment that the Minister gave in July to close what was...
My Lords, where we are now is, I think, not where the Minister expected to be when the previous statutory instrument was introduced. So how did we get to this point? With great haste, and I would say possibly fuelled by intense pressure from beyond these shores, the Government tabled...
My Lords, where we are now is, I think, not where the Minister expected to be when the previous statutory instrument was introduced. So how did we get to this point? With great haste, and I would say possibly fuelled by intense pressure from beyond these shores, the Government tabled...
My Lords, I am grateful to the Minister, who opened this, the second part of our foreign investment regulatory double bill, this evening. I thank her for the remarks she made in outlining these regulations.
Like other noble Lords who have spoken, I broadly welcome these regulations, to which the Government...
My Lords, I am grateful to the Minister, who opened this, the second part of our foreign investment regulatory double bill, this evening. I thank her for the remarks she made in outlining these regulations.
Like other noble Lords who have spoken, I broadly welcome these regulations, to which the Government...
My Lords, I declare an interest as a Telegraph contributor and as the director of the Free Speech Union, which defends freedom of the press among other freedoms.
First, I thank the Secretary of State for bringing forward these regulations. I was one of around 50 Peers to write to her...
My Lords, I declare an interest as a Telegraph contributor and as the director of the Free Speech Union, which defends freedom of the press among other freedoms.
First, I thank the Secretary of State for bringing forward these regulations. I was one of around 50 Peers to write to her...
I do not want to detain your Lordships’ House, and the speeches already made by several noble Lords are very much to the point. I should declare an interest as a long-serving employee of the Daily Telegraph. In that capacity, I draw the attention of the Minister to what it...
I do not want to detain your Lordships’ House, and the speeches already made by several noble Lords are very much to the point. I should declare an interest as a long-serving employee of the Daily Telegraph. In that capacity, I draw the attention of the Minister to what it...
My Lords, this has been an important and useful debate, and I am very grateful to all noble Lords who have contributed to it. I am particularly grateful to the noble Baroness, Lady Stowell of Beeston, for her engagement over many months with DCMS. I think we have a better...
My Lords, this has been an important and useful debate, and I am very grateful to all noble Lords who have contributed to it. I am particularly grateful to the noble Baroness, Lady Stowell of Beeston, for her engagement over many months with DCMS. I think we have a better...