Schedule 12A, paragraph 18

This paragraph applies if— a member of the Commission has a direct or indirect interest in a matter falling to be considered at a meeting of the Commission, a non-executive member of the Commission has a direct or indirect interest in a matter falling to be considered at a meeting of the non-executive members, or a member of a committee of the Commission has a direct or indirect interest in a matter falling to be considered at a meeting of the committee. The member with the interest must declare it. The declaration must be recorded in the minutes of the meeting. The member with the interest may not take part in a discussion or decision at the meeting relating to the matter, unless— in the case of a meeting of the Commission, the other members of the Commission who are present have resolved unanimously that the interest is to be disregarded, in the case of a meeting of the non-executive members, the other non-executive members who are present have resolved unanimously that the interest is to be disregarded, or in the case of a meeting of a committee, the other members of the committee who are present have, in the manner authorised by the Commission, resolved that the interest is to be disregarded. In giving authorisation for the purposes of sub-paragraph (4)(c), the Commission must secure that a resolution for those purposes does not allow a member to take part in a discussion or decision at a meeting of a committee to which functions are delegated under paragraph 14(1)(c) unless the number of other members of the committee in favour of the resolution— is not less than two thirds of those who are both present and entitled to vote on the resolution, and is not less than its quorum. For the purposes of this paragraph, a notification given at or sent to a meeting of the Commission that a person— is to be regarded as compliance with sub-paragraph (2) in relation to any such matter for the purposes of that meeting and subsequent meetings of the Commission, of the non-executive members or of a committee. is a member of a company or firm, and is to be regarded as interested in any matter involving that company or firm, For the purposes of this paragraph, a notification given at or sent to a meeting of the non-executive members of the Commission or of a committee of the Commission that— is to be regarded as compliance with sub-paragraph (2) in relation to any such matter for the purposes of that meeting and subsequent meetings of the non-executive members or (as the case may be) of the committee. a person is a member of a company or firm, and is to be regarded as interested in any matter involving that company or firm, A notification described in sub-paragraph (6) or (7) remains in force until it is withdrawn. A person required to make a declaration for the purposes of this paragraph in relation to any meeting— is not required to attend the meeting, but is to be taken to have complied with the requirements of this paragraph if the person takes reasonable steps to secure that notice of the person’s interest is read out, and taken into consideration, at the meeting in question.

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Source: legislation.gov.uk · retrieved 2026-09-04