The below Parliamentary question was asked by Chuka Umunna on 2014-04-07.
To ask the Secretary of State for Business, Innovation and Skills, what due diligence was undertaken by officials in his Department in relation to the reliability of the gentlemen’s agreement on the holding of Royal Mail shares by priority investors.
Michael Fallon
There was no agreement – gentleman’s or otherwise – on the holding of Royal Mail shares by priority investors.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.
To ask the Secretary of State for Business, Innovation and Skills, what (a) verbal and (b) contractual agreement was made with priority investors in relation to their shareholders during the privatisation of Royal Mail.
Michael Fallon
No verbal or contractual agreement of any description – including future intentions for shareholdings – was made between the Government and any investor in the Royal Mail Initial Public Offering (IPO). Any suggestion that there was a “gentleman’s agreement” is false.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-07.
To ask the Secretary of State for Business, Innovation and Skills, what safeguards were (a) sought and (b) put in place to ensure that priority investors would continue to invest over a longer period of time in respect of the privatisation of Royal Mail.
Michael Fallon
More than 500 would-be investors in Royal Mail were approached in the lead up to the sale including potential long term institutional investors.
As is standard practice for any flotation, we did not seek to lock in any investors in as they would have paid less for a stock they could not trade.
We understand that the majority of the shares, other than those owned by government, the Royal Mail workforce and retail investors, are currently held by long term institutional investors.
The below Parliamentary question was asked by Chuka Umunna on 2014-03-27.
To ask the Secretary of State for Work and Pensions, how many people have moved off jobseeker’s allowance to jobs on zero-hours contracts in each month since May 2010.
Esther McVey
This data is not available.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.
To ask the Secretary of State for Business, Innovation and Skills, what correspondence there was between (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers (i) with and (ii) on priority investors; and if he will publish any relevant correspondence.
Michael Fallon
The Department has not seen and does not hold copies of any correspondence between Lazard or the Syndicate of banks selling Royal Mail shares and the priority investors.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-07.
To ask the Secretary of State for Business, Innovation and Skills, pursuant to the Answer to Lord Adonis of 3 June 2013, Official Report, House of Lords, column 122WA, on government departments: secondments, of those secondments to his Department listed on that date, how many of these secondments related (a) wholly, (b) partly and (c) incidentally to the privatisation of Royal Mail; and how many of those secondments took place primarily for the purpose of helping with the privatisation of Royal Mail.
Michael Fallon
Of the secondees listed in the answer given to the noble Lord, Lord Adonis on 3 June 2013, two worked on the Royal Mail privatisation in the Shareholder Executive.
The below Parliamentary question was asked by Chuka Umunna on 2014-03-27.
To ask the Secretary of State for Work and Pensions, what guidance is issued to Jobcentre Plus on recommending jobs on zero-hours contracts.
Esther McVey
Jobcentre Plus guidance stipulates that claimants should not be mandated to apply for a job offering a zero hours contract. It also states that no sanction action will be taken if claimants refuse or fail to apply. A person leaving a zero hours contract job will not be sanctioned if they leave that job voluntarily or lose it through their misconduct.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.
To ask the Secretary of State for Business, Innovation and Skills, what involvement (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers had in discussions with priority investors on the privatisation of Royal Mail.
Michael Fallon
Together with Royal Mail’s management team, the Government’s independent financial adviser (Lazard) and members of the banking syndicate met with the priority investors throughout the investor engagement process. The banking advisers also met with over 500 institutional investors. The purpose of this engagement was to educate investors about the business and secure indications of potential demand and valuation.
The below Parliamentary question was asked by Chuka Umunna on 2014-04-07.
To ask the Secretary of State for Business, Innovation and Skills, how many secondments from the private sector to his Department and its agencies the secondee’s work-related (a) wholly, (b) partly or (c) incidentally to the privatisation of Royal Mail; from which firms those secondments were made; and on what dates they began and ended.
Michael Fallon
In the Shareholder Executive teams are put together to work on specific projects bringing together appropriate skills and experience; such teams regularly include secondee appointments. Three secondees from Freshfields Bruckhaus Deringer, Lazard and KPMG spent varying degrees of time working at the Shareholder Executive on the Royal Mail IPO. The Freshfields secondee worked on various projects, and worked wholly on the Royal Mail privatisation for the second half of the secondment. The Lazard and KPMG secondees were engaged to work principally on Royal Mail. No secondee held a senior position in the team.
The KPMG secondment started in June 2013 and is continuing. The Freshfields secondment started in December 2012 and ended in November 2013. The Lazard secondment ran from January 2013 to January 2014.
The below Parliamentary question was asked by Chuka Umunna on 2014-03-27.
To ask the Secretary of State for Work and Pensions, what proportion and number of job outcomes from the work programme were in zero-hours contracts roles in each month since the programme began.
Esther McVey
The information requested is not held by the Department.