"My Lords, I will be brief. I have a number of concerns. This SI is part of a trend towards silencing dissent to protect corporate interests. It is hard to think of any legislation in recent years which has enhanced people’s right to dissent or protest, even though almost all …..." Lord Sikka - View Speech
"My Lords, it is shameful that water companies, with nearly 1,200 criminal convictions, are permitted to negotiate the amount and timing of fines. Some will not pay the headline-grabbing fines announced in 2024 until 2030, while others will not pay any of the announced fines. No statement to that effect …..." Lord Sikka - View Speech
"To ask His Majesty’s Government how many of the fines imposed by regulators on England’s water companies in 2024 and 2025 are yet to be paid in full...." Lord Sikka - View Speech
"I thank all noble Lords for their observations, comments, suggestions and many questions. I will briefly address some. Does this risk distorting insolvency law? It is already distorted. Pension scheme members are unsecured creditors. People who cannot hold a diversified portfolio lose their job, lose some of their pension rights …..." Lord Sikka - View Speech
"Just to recap quickly, I was looking at a scenario where an employer had received a surplus from a pension scheme but soon afterwards became bankrupt. Normally, the PPF will rescue, but that is limited to 90%, which means that employees will face a haircut in their pension rights. So …..." Lord Sikka - View Speech
"My Lords, this amendment deals with a gap in the Bill. The transfer of surplus to employers could leave employees in jeopardy, especially when an employer enters bankruptcy. I will lay out a scenario. Suppose a pension scheme surplus is distributed to an employer but, soon afterwards, the pension scheme …..." Lord Sikka - View Speech
"My Lords, there is waste crime in plain sight. For decades, England’s water companies have illegally dumped sewage in rivers, lakes and seas. Companies have nearly 1,200 criminal convictions, but their directors receive mega bonuses and rewards. Despite promises, no director has been prosecuted or disqualified from acting as a …..." Lord Sikka - View Speech
"My Lords, following President Trump’s announcement, the US will be the only country outside the UN Framework Convention on Climate Change. The US is the world’s second-largest carbon emitter, which has negative consequences for everyone. Are the Government concerned that a major polluter will operate outside international law? If so, …..." Lord Sikka - View Speech