Infrastructure Bill [HL]

to be moved
in GRAND Committee

[Supplementary to the Sixth Marshalled List]

After Clause 28



Insert the following new Clause—

“Revenue from shale gas: sovereign wealth fund

(1)     The Secretary of State may, by regulation, establish a sovereign wealth
fund to receive and deploy revenue from the extraction and sale of shale

(2)     The regulations shall provide—

(a)   that the fund shall receive no less than 50% of any revenue received
by the United Kingdom Government from any activity connected
with the extraction and sale of shale gas;

(b)   that the assets of the fund shall be deployed to serve long term
public objectives other than those connected with monetary and
exchange rate policy;

(c)   that the assets of the fund may be deployed in the United Kingdom
or overseas;

(d)   that no more than 4% of the assets of the fund may be paid out in
any one year; and

(e)   for the governance, independent oversight and transparent
reporting of the activities of the fund.”

Prepared 9th October 2014