HL Deb 18 December 2002 vol 642 cc105-6WA
Lord Oakeshott of Seagrove Bay

asked Her Majesty's Government:

Which public enterprises will fall under the remit of the new Shareholder Executive; and to which Minister it will report. [HL327]

The Minister for the Cabinet Office and Chancellor of the Duchy of Lancaster (Lord Macdonald of Tradeston)

I am answering this Question as Minister reponsible for the Shareholder Executive.

The Treasury and the Cabinet Office are currently working with departments to establish in detail how the Shareholder Executive will help government become a more effective shareholder. The Shareholder Executive will define certain common standards and procedures for departments in their role as shareholder and will develop for individual departments plans to define the relationship with the entities, assess resource requirements of the departments to fulfil the role, assist in improving departments' capabilities and advise on specific management, corporate governance, performance monitoring and financing issues.

The precise scope of the Shareholder Executive is part of the detailed work being taken forward with departments. However, it is envisaged that the Shareholder Executive will extend to a range of government shareholdings in companies in the public and private sectors as well as some of the more commercially orientated trading funds.