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Postal Services Bill [HL]

Clause 12 requires the Crown to own all or the majority of the voting rights in a Post Office company or a Royal Mail company respectively. Voting rights are defined in Clause 12(3) as the rights conferred on members to vote at general meetings of the company on all or substantial matters. That provision is based on the definition of a subsidiary in Section 1159 of the Companies Act 2006. For the purpose of that section, a company must hold a majority of the voting rights in another company to be considered that company’s holding company. Voting rights are defined in that section in the same way as they are for Clause 12. Given that that is a standard definition of voting rights used in the Companies Act 2006, it is the most appropriate definition to use for these purposes and I see no purpose in amending it. That would weaken the Crown’s control. I know of no voting rights that the provision in any way allows to be excluded, but I will check that with my team and write to the noble Lord if that assurance is not complete. On those grounds, I hope that the noble Lord will withdraw the amendment.