Regulatory Enforcement and Sanctions Bill [HL]

The formula that we have adopted in the Bill on the LBRO’s annual report closely follows the legislation setting up SOCA, as well as the legislation, with which I was involved, that established Natural England. Many of the requirements set out in the amendment—and I am grateful to the noble Lord for moving it—are already captured in the Government’s guidance on the accountability of public bodies. I assure the Committee that we have every intention of conforming to the highest standards for the LBRO. Treasury guidance on financial reporting, set out in the model statement for financial management of NDPBs—the LBRO will become an NDPB—makes it clear that annual reports should contain management information of the sort required in the noble Lord’s amendment. I can confirm that the LBRO will be consistent with these standards. On that basis, we do not feel it necessary to put the noble Lord’s carefully thought-out wording into the Bill.