Economic Activity of Public Bodies (Overseas Matters) Bill Debate

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Department: Cabinet Office
Baroness Noakes Portrait Baroness Noakes (Con)
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The issue of risk is a separate issue, dealt with in the amendment of the noble Baroness, Lady Drake. I was talking about later amendments which seek to apply UN principles to local government pension schemes. This is a fairly large group, and I think we have got a little cross-wired on which issues affect which part.

To conclude, I know that the noble Lord, Lord Davies of Brixton, has tabled a stand-part debate on Clause 12, which is in this group. I hope he is not serious about taking local government pension schemes out of the Bill. The actions of the special rapporteur in our domestic affairs are proof enough that we need local government pension schemes firmly within the Bill.

Baroness Blackstone Portrait Baroness Blackstone (Lab)
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My Lords, I strongly support what my noble friend Lady Drake has put forward in her amendment and very much hope that the Government will respond positively to it and accept it.

I listened carefully to what the noble Baronesses, Lady Noakes and Lady Altmann, said. I know that their arguments were made sincerely, but I was surprised that they were somewhat complacent in brushing aside the arguments put by my noble friend. Amendment 45 in my name adds to the important points raised by my noble friend Lady Drake, the noble Lord, Lord Willetts, and other speakers on the fiduciary duties of local government pension funds and their ability to consider risk.