Breadcrumbs

A Policy Submission on Corporate Governance and Bradwell B

Sir Bernard Jenkin MP has made a policy submission to the Government proposing a 'golden share' approach to the Bradwell B project with stipulations that the power station should be British owned and operated. A summary of the policy recommendations follow, and the full document can be read HERE

It is currently proposed that Bradwell B Nuclear Power Station should be built and operated by a subsidiary of the Chinese state, CGN, which owns 66.5 pct of Bradwell B.  There is justifiable concern that this exposes a major asset in the UK’s Civil Nuclear Infrastructure (CNI) to Chinese state control. China’s new “wolf warrior” diplomacy is backed by well documented examples of direct attacks on UK’s national security, theft of intellectual property and technology, source codes and techniques, of the misuse of information shared with the Chinese state for military purposes, and of exploiting vulnerabilities in western countries’ CNI.

Particular issues have been raised about CGN in other countries.  For example, it was indicted in 2016 by the US Department of Justice in connection with nuclear espionage and the US has applied export sanctions.

 

Recommendation

The government should adopt the following policy:

  • Bradwell B Power station shall be operated and owned by the British owned, domiciled and controlled entity, Bradwell Nuclear Company (BNC).
  • HMG should acquire a ‘Special Share’ (sometimes known as a ‘golden share’) in BNC, granting it the power to:
    • Prevent the sale or transfer of shares in BNC if such sales are not in the defence or security interests of the United Kingdom;
    • Prevent the appointment of board members;
    • Require the board of directors to take any action if such action is in the defence or security interests of the United Kingdom.
    • Ensure that at least one of the Chairman or Chief Executive is a British citizen;
  • The Articles of Association should place all board members of BNC under obligation to give written notice to the Special Shareholder if they become aware of any facts that might lead the Board to take the view that:
    • A foreign power is attempting its influence with BNC in a manner which threatens to undermine UK CNI or UK national security in any way;
    • Intellectual property owned by BNC is being prepared for transfer, theft, export or sale to a third party, or at risk of being used for military purposes by a government not that of the United Kingdom;
    • BNC employees or contractors are preparing for or are involved in the recruitment of nuclear expertise for international projects, or for any activity hostile to the UK.