Moved by
Lord Moylan
19: Clause 2, page 2, line 23, at end insert—
“30ZA Independent financial monitoring of public sector companies
(1) The Secretary of State must, within three months of the day on which the Passenger Railway Services (Public Ownership) Act 2024 comes into force, instruct an independent body to conduct monitoring of the financial management of any public sector company with whom a direct award of a public service contract is made under section 30(1A).
(2) For the purposes of subsection (1), “monitoring of the financial management” includes the auditing of accounts, the review of spending efficiency, and the making of recommendations to improve cost-effectiveness.”
Member’s explanatory statement
This amendment requires that the Secretary of State instructs an independent body to conduct financial monitoring of the public sector companies.