Business, Innovation and Skills CommitteeSupplementary written evidence from Government

Further to our recent telephone discussion noting the Committee’s interest in the funding arrangements for the Law Commission’s review of fiduciary duties, I am pleased to outline these in writing.

The project is additional to the agreed Law Commission work programme. BIS and the Department for Work and Pensions will therefore jointly provide to the Law Commission funds sufficient to meet the costs associated with the project, up to but not exceeding £90,000 for the financial year 2013–14, and £50,000 for the financial year 2014–15. The contribution will be divided equally between BIS and DWP, and will be payable quarterly in arrears on the Law Commission’s invoice. Our expectation is that the total costs for the current financial year will be in the region of £75,000.

Alastair Cowie
Assistant Director, Corporate Governance
Department for Business Innovation and Skills

25 June 2013

Prepared 24th July 2013