Pecuniary Interest

Topics: Member of Parliament, United Kingdom, House of Lords Pages: 10 (3794 words) Published: March 26, 2013

What is a Pecuniary Interest?
A pecuniary interest is the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction. According to Tazmania’s information Sheet 2008, you have a pecuniary interest when, if a matter before council, or any other committee, is decided in a particular way you will gain, lose or save money, gain a financial advantage, or suffer a financial disadvantage; could be expected to gain, lose or save money, gain a financial advantage, or suffer a financial disadvantage; or are reasonably likely to gain or lose money, gain a financial advantage, or suffer a financial disadvantage. Examples of “pecuniary interests” include: * increased or decreased sales or profits for a business - or something that might lead to this, such as a decrease in competition or an increase in the number of customers * employment benefits (offers of paid employment, increases in salary, commissions, bonus payments, promotions) * provision of labour or services

* loan of a vehicle
* increased or decreased value of a property
* free advertising.
You may also have a pecuniary interest because a “close associate” has a pecuniary interest in the matter before council or a council committee. A “close associate” may mean:
* a company or incorporated association
* club of which you are a director or a member of the governing body (e.g. board member, secretary, president, treasurer) * a company in which you are a shareholder a beneficiary of a trust of which you are a trustee * your business partner

* your employer
* your employees
* a person from whom you have received, or might receive in the future, a fee, commission, or other reward for providing professional or other services * immediate family members, including spouse or partner, parents, children, brothers and sisters, and your spouse’s or partner’s parents, children and brothers and sisters. UNITED KINGDOM

In any proceeding of a select committee, a Member must disclose any relevant pecuniary interest or benefit of whatever direct or indirect, that he may have had, may have or may be expecting to have. Although this obligation is expressed in terms of pecuniary interests, it is taken in practice to include relevant interests of a non-financial nature, such as membership of a trade union or pressure group. Any such declaration is entered in the minutes of proceedings of the committee. It is additional to the requirement to register interests in the Register of Members’ Interest. The main purpose of the Register is to give public notification on a continuous basis of those pecuniary interests held by Members which might be thought to influence their parliamentary conduct or actions. The main purpose of declaration is to ensure that fellow Members of the House and the public are made aware at the appropriate time when a Member is participating in the proceedings of the House, of any past, present or expected future pecuniary interest which might reasonably be thought to be relevant to those proceedings. Members of committees are required to send to the clerk of the committee details of any pecuniary or other relevant interests for circulation before the committee’s first meeting. Before proceeding to business after the election of the chairman, all Members are invited to declare any such interests related to the terms of reference of the committee or which are likely to be relevant to a substantial part of its work. Where a member of the committee, particularly the chairman, has a pecuniary interest which is directly affected by a particular inquiry, or he considers that a personal interest may reflect upon the work of the committee or its subsequent report, he should stand aside from the committee proceedings relating to it. Members are also required under this resolution to make a declaration of interest at an early stage in any...
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