Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government what foreign state assets are currently frozen by the UK; and in each case, what is the (1) country, (2) value, and (3) reason.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI) undertakes an annual review of frozen assets in the UK, requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI. As stated in OFSI’s most recent Annual Review published in December 2023, as of September 30th 2022 £21.6 billion in frozen funds were reported to OFSI. This figure is provided in aggregate so as not to disclose the value of any funds held by particular individuals. HM Treasury does not break down reported assets in the manner requested.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for Business and Trade:
To ask His Majesty's Government whether their approach regarding environmental, social and governance (ESG) criteria differs from that of the European Union and, if so, in which areas.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government’s plans regarding company reporting on environmental, social and governance matters are set out in Mobilising Green Investment – 2023 Green Finance Strategy (March 2023). These plans differ from the European Union’s (EU) plans in several areas. Specifically, the UK will not adopt the European Sustainability Reporting Standards. Instead, the UK Government has stated its support for the International Sustainability Disclosure Standards and we are currently assessing the suitability for UK companies of the first two standards that have been issued by the International Sustainability Standards Board (ISSB).
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for Business and Trade:
To ask His Majesty's Government what their policy is towards promoting environmental, social and governance (ESG) principles among UK companies.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
The Companies Act 2006 requires directors to have regard to impact of a company’s operations on the community and environment when exercising their duties. It also requires certain companies to provide information regarding environmental matters and social, community and human rights issues within their annual reports.
The Government’s future plans to encourage companies to consider the impact of environmental, social and governance issues are set out in Mobilising Green Investment - 2023 Green Finance Strategy. This includes the Government’s plans to assess the suitability of the standards that were recently published by the International Sustainability Standards Board for use in the UK.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Department for Business and Trade:
To ask His Majesty's Government what plans they have to make environmental, social and governance (ESG) reporting mandatory by UK companies.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
Reporting on ESG matters provides transparency to investors and other stakeholders, improving investment decisions. In particular, the Government supports the work of the International Sustainability Standards Board, which aims to align sustainability reporting globally, enabling investors compare investment decisions across markets.
The Government believes that a mix of voluntary and mandatory reporting provides the right balance between transparency and reducing burdens on companies. Further detail on the Government’s future plans is provided by Mobilising Green Investment - 2023 Green Finance Strategy.