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 Subject: RE: Collective Responsibility/Amnesia
 
Author: Laurence Mann
Date:   11/23/2001 10:53 am WEDT
A member now would have to declare a substantial holding in a company which has a place of business or property assets in the borough as part of their regular declaration of interests. The current limits are 5% of the issued share capital or £25,000, whichever is the smaller value.

The rules were not as tight in the 1980s. I don't know exactly when the public register of members' interests came in.

A member dealing with a planning application who failed to declare an interest in a company which was below the declarable limit might still leave themselves open to criticism from the Ombudsman if the Ombudsman felt that a reasonable person might conclude that their decision was affected by their shareholding.

I certainly think that any interest in a private company should stop participation in a planning decision affecting that company. Public company holdings below the above limit are more difficult - one might have an interest indirectly via a pension fund or unit trust.

It's not "our" policy anyway. It is national policy.


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