Previously, the Lords’ Code of Conduct has required peers to declare any paid or unpaid employment but unlike the Members of the Parliament, they have not been required to disclose the amount of money they receive. But new regulations being proposed would require peers to declare all payments from foreign governments or companies controlled by them.
However, they would not cover previous payments from foreign states as the rule will only apply to new earnings.
The calls for transparency came after a report from the Commons Intelligence and Security Committee (ISC) revealed several Members of the House of Lords work directly with companies with ties to the Russian state.
It also questioned whether Westminster has underestimated the Russian threat and “are still playing catch up”.
The report said: “A number of members of the House of Lords have business interests linked to Russia, or work directly for major Russian companies linked to the Russian state – these relationships should be carefully scrutinised, given the potential for the Russian state to exploit them.”
The proposed changes to how peers report their business interests came after a meeting of the House of Lords Conduct Committee led by Lord Mance, a former Supreme Court judge.
Minutes of the recent meeting said: “In the discussion, there was not a clear consensus about whether to move to general disclosure or the quantum of all earning.
“The majority considered that the committee should for the present concentrate on a more narrowly focused approach targeted at members working for foreign governments or companies controlled by foreign governments.
“The committee therefore agreed to recommend to the House that members be required to disclose earnings from work for foreign governments and for associated companies/organisations.
READ MORE: Members of House of Lords linked to firms with ties to Russian state
“There would be a need to work out a formula avoiding determination of contentious and political questions such as control.”
According to the members’ register of interests, peers with links to Russia include Conservative peer Lord Fairfax of Cameron who is a director of Sovcomflot UK, which is affiliated to Russia’s largest shipping company, Sovcomflot.
Lord Ponsonby of Shulbrede, a Labour Peer, has also declared he is a director of Russian oil and gas firm RNG Joint Stock Company and crossbencher Lord Skidelsky is a non-executive director of Russneft, the Russian oil refining company.
The Lords has stressed there is no suggestion of wrongdoing by any of the peers with links to Russia are openly declared where needed or required.
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A House of Lords spokesperson, added: “The committee takes very seriously the questions which have been raised around members of the House working with foreign governments and associated companies.
“It has already considered initial options and intends to make recommendations to the House in the coming weeks.”
The House of Lords is the second chamber of the UK Parliament and is responsible for helping shape laws and challenging the work of the Government.
