Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what oversight his Department has of investment decisions taken by British International Investment.

FCDO's governance arrangements for British International Investment (BII) align with good practice guidance from the Cabinet Office and HM Treasury for oversight of a Public Finance Corporation.

FCDO sets BII's strategic objectives, goals and parameters for what investments BII can make, via the Investment Policy and Policy on Responsible Investing (PRI). An independent Board chosen for its skills and experience in development and finance oversees BII's performance and is fully accountable to FCDO. Every quarter FCDO receives detailed reporting on BII's investment decisions, which is followed by Quarterly and Annual Shareholder Meetings chaired by FCDO's Director General and Permanent Secretary respectively. At a minimum, the Secretary of State and the BII Chair and Chief Executive meet annually and the Minister for Development meets them quarterly.