STORY
Conservative peer Lord Ian Duncan of Springbank is under scrutiny for arranging a meeting between Canadian nuclear technology company Terrestrial Energy and UK nuclear minister Andrew Bowie while serving as an adviser to the firm. At the time, Terrestrial Energy was seeking government funding through the UK’s Nuclear Fuel Fund the Guardian newspaper has reported.
Duncan, a former junior climate minister and current deputy speaker in the House of Lords, joined Terrestrial Energy’s advisory board in 2020. Although unpaid, he received share options that could become lucrative following the company’s anticipated $1 billion public listing.
House of Lords regulations prohibit members from leveraging their positions for financial gain or engaging in lobbying activities. Ethics experts suggest Duncan’s actions may have breached these rules. He maintains that he merely facilitated contact and informally disclosed his financial interest. In July 2023, Terrestrial Energy and its partners were awarded £2.9 million, though there is no direct evidence linking the grant to the meeting.
This incident is part of a broader examination of conduct within the House of Lords which is being led by the Guardian newspaper, prompting calls for stricter regulations to prevent potential conflicts of interest.