Many British MPs secretly hold shares in large corporations

London [UK], July 10: An investigation by The Guardian newspaper found that many British MPs, including former Prime Minister Theresa May, hold shares in large corporations but do not declare them, posing a risk of conflicts of interest.
The investigation found that more than 50 British MPs hold shares in public companies listed on the stock exchange, including large corporations in banking, energy, retail, media and defense such as Barclays, HSBC, BP, Sainsbury's, BT, according to The Guardian on 9/7.
Those involved include former Prime Minister Theresa May , former Education Secretary Gavin Williamson, Environment Commission Chairman Robert Goodwill.
Under parliamentary rules from 2015, MPs only need to declare if the number of shares they hold in a company is more than 15% or is worth more than £70,000 (2.1 billion).
Almost all of the shares that MPs were found to hold in companies were below the declaration threshold. However, The Guardian reported that it has discovered a conflict of interest, as in the case of Mrs May having meetings with BT media while she was Home Secretary while her husband held a stake in the company and not public.
Mrs May also holds a stake in energy firm BP while her husband is a shareholder in BP, Barclays, BT and Centrica. Four months after she became prime minister, these shares appear to have been placed in an anonymous trust, meaning that the person sending the shares into it has absolutely no control or knowledge of the condition of the trust assets. waterfall.
Prime Minister Rishi Sunak also had a stake in the gas-electricity company National Grid. However, he said he moved the investment into a fund similar to Mrs May's in July 2019. This is said to be the practice of many MPs to separate from financial interests.
A spokesman for the former prime minister said Mrs May completely rejected suggestions that she was in breach of parliamentary rules regarding the financial interests her husband held at BT. The spokesperson also stressed that Mrs May had introduced legislation that was contrary to BT's interests and that she always disclosed information to relevant officials.
Conflict of interest
Although the number of shares held by MPs and their families is below the required declaration, they can also influence their decisions and actions in the legislative process.
The investigation found that ministers met with lobbyists for companies in which they or their loved ones had shares but did not declare them. Some MPs also voted against amendments to the law that increase taxes on oil and gas companies in which they hold shares but do not make them public.
Transparency campaigners say The Guardian 's findings raise serious questions about MPs' rights and require a review of regulations.
Steve Goodrich, research and investigation lead at Transparency International UK, commented: "If an MP has a stake in a company that is affected by legislation passing through parliament, it will There's always a tension between protecting their finances and promoting the public interest. Transparency of these details is key to combating abuses of public office."
Source: ThanhNien Newspaper