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| | [Ninth and Tenth sittings]
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| | Clause 3, page 2, line 22, leave out subsections (2) to (4) and add— |
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| | | ‘(2) | Those arrangements must secure that, if at any time the proportion of the |
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| | | company owned by the Crown is reduced from 100 per cent., the proportion of |
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| | | the company owned by or on behalf of the employee share scheme shall be at least |
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| | | 20 per cent. of the proportion of the company that is not owned by the Crown. |
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| | | (3) | The arrangements must ensure that an equal dividend is paid from earnings to all |
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| | | participants in the trust. |
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| | | (4) | The Secretary of State must report to Parliament when suitable arrangements |
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| | | have been made for the establishment of the scheme, and the report must state— |
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| | | (a) | the precise terms of the scheme; and |
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| | | (b) | the expected timescale for its introduction. |
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| | | (5) | “Employee share scheme” means a scheme for holding shares or share rights in |
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| | | trust on behalf of employees of the company.’. |
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| | Clause 3, page 2, line 22, leave out subsections (2) to (4) and add— |
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| | | ‘(2) | Those arrangements must secure that, if at any time the proportion of the |
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| | | company owned by the Crown is reduced from 100 per cent., the proportion of |
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| | | the company owned by or on behalf of the employee share scheme shall be at least |
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| | | 10 per cent. of the proportion of the company that is not owned by the Crown. |
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| | | (3) | The arrangements must ensure that an equal dividend is paid from earnings to all |
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| | | participants in the trust. |
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| | | (4) | The Secretary of State must report to Parliament when suitable arrangements |
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| | | have been made for the establishment of the scheme, and the report must state— |
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| | | (a) | the precise terms of the scheme; and |
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| | | (b) | the expected timescale for its introduction. |
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| | | (5) | “Employee share scheme” means a scheme for holding shares or share rights in |
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| | | trust on behalf of employees of the company.’. |
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| | Clause 3, page 2, line 32, leave out ‘or include’. |
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| | Clause 3, page 2, line 33, at end add— |
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| | | ‘(5) | Any employee share scheme will be entitled to have at least one representative |
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| | | from the scheme on the board of any company operating the scheme.’. |
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| | Clause 4, page 3, leave out line 7 and insert— |
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| | | ‘(b) | the Secretary of State has laid a report before Parliament about the |
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| | | disposal and each House of Parliament has come to a Resolution on a |
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| | | Motion in the name of the Secretary of State approving the report.’. |
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| | Clause 4, page 3, line 25, at end add— |
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| | | ‘(8) | A disposal of the Crown’s interest in a Post Office company will not be |
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| | | (a) | The Secretary of State has secured a written contract from the proposed |
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| | | purchaser that at least one representative from those directly employed |
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| | | by the Post Office or its successors will sit on the board of the new body; |
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| | | (b) | The Secretary of State has secured a written contract from the purchaser |
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| | | that the headquarters of the new body will be located within the United |
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| | | (c) | It has been agreed that any subsequent plans to relocate the headquarters |
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| | | of the new body will require the approval of the Secretary of State; |
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| | | (d) | A consultation exercise has been held where all those enaged in the |
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| | | provision of postal services in the UK have the opportunity to express |
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| | | their views on the proposed transfer; |
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| | | (e) | The Secretary of State has responded formally to that consultation; |
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| | | (f) | A vote of all employees of and stakeholders in the affected Post Office |
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| | | company has taken place and a minimum of 50 per cent. + 1 of the |
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| | | workforce have voted in favour of the proposed transfer; and |
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| | | (g) | The Secretary of State has presented to Parliament a Bill which confers |
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| | | on the Secretary of State the power to dispose of the business and the duty |
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| | | to report to Parliament on— |
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| | | (i) | all aspects of the proposed transfer, and |
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| | | (ii) | how the £1.34 billion investment in the Post Office has been |
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| | | spent at the proposed time of transfer and the value of the |
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| | | unspent budget, whilst detailing the progress made towards the |
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| | Clause 5, page 3, line 33, leave out ‘report’ and insert ‘Bill’. |
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| | Clause 5, page 3, line 33, leave out from ‘report’ to end of subsection (2) and insert |
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| | ‘identifying the preferred purchasers, and must deliver an oral statement to Parliament on |
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| | the matter and lay an order on the proposed disposal which will be subject to the super- |
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| | affirmative procedure under section 18 of the Legislative and Regulatory Reform Act |
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| | Clause 5, page 3, line 33, leave out from ‘report’ to end of subsection (2) and insert |
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| | ‘identifying the preferred purchasers, and must deliver an oral statement to Parliament on |
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| | the matter and lay an order on the proposed disposal which will be subject to the |
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| | affirmative resolution procedure.’. |
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| | Clause 5, page 3, line 34, at end insert ‘which confers on the Secretary of State the |
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| | powers to make the disposal.’. |
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| | Clause 5, page 3, line 35, leave out ‘the report must’ and insert ‘when laying the |
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| | Bill the Secretary of State must report to Parliament and’. |
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| | Clause 5, page 3, line 40, at end add ‘and |
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| | | (d) | be subject to the approval of both Houses of Parliament, on the basis of |
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| | | a Motion in the name of the Secretary of State.’. |
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