MS did not break code over shares
WELSH Labour MS Jenny Rathbone did not break the code of conduct for Senedd Members when she failed to mention before speaking in a debate that she has shares in one of the firms that manufactures Covid-19 vaccines, the body’s Standards Commissioner has ruled.
Douglas Bain decided this week that a complaint against the Cardiff Central MS was inadmissible because there was no evidence she would profit further from her shareholding in the pharmaceutical company AstraZeneca.
Under the Senedd’s standing orders, MSs have to register shareholdings when they are of a market value greater than 1% of the company’s issued share capital or when they are worth more than 50% of the basic MS salary, currently £67,649.
A complaint from an individual whose name has been redacted by the Commissioner stated: “I would like to inform you that I am extremely concerned to learn that Jenny Rathbone who voted in favour of the introduction of vaccine passports in Wales ... has shares in the pharmaceutical company AstraZeneca.
“This is a major conflict of interest and I understand that AstraZeneca/ Jenny stand to gain huge financial windfalls this year.”
Mr Bain responded: “The particular decision to be taken in the debate on October 5 was whether or not to approve the regulations requiring a Covid passport to gain entry to nightclubs.
“You have produced no evidence to satisfy me that there was any likelihood of Ms Rathbone gaining financially as a result of that decision.
“It was contended by some that introduction of the passport would lead to an increase in the vaccination rate amongst those, mainly young, people who frequent nightclubs. But even if that was so the ‘extra’ vaccinations could have been with any of the three vaccines currently in use in Wales. And even if the ‘extra’ vaccinations were all with the AstraZeneca vaccine the extra profit for AstraZeneca would, given the small numbers, have been miniscule and immaterial.
“There is no rational basis for believing that the decision taken on October 5 could result in an increased dividend being paid to Ms Rathbone or in an increase in the value of her holding.”
Ms Rathbone has been made aware of further suggestions of conflicts of interest relating to contributions made by her at the Senedd in policy areas where she owns shares.
She has spoken negatively about Pfizer, suggesting it may be more practical to use the AstraZeneca vaccine, which doesn’t have to be stored in refrigerators at a very cold temperature.
And she has championed food sustainability, even though she has shareholdings in firms interested in investing in sustainable food.
Ms Rathbone said: “I believe this is being stirred up against me as part of an attempt to divert attention from the financial allegations relating to Conservative MPs in Westminster.
“I had no financial interest In asking the Auditor General in the Public Accounts Committee whether all health boards had adequate storage arrangements for the Pfizer vaccine as the purpose of the question was to ensure that no vaccine was wasted.
“Equally there was no financial interest in expressing concern that the AstraZeneca allocation for Wales had apparently not yet been donated to developing countries by the UK Government as part of our commitment to a globally responsible Wales.
“Trying to link my longstanding campaigning for clean air in schools located close to polluted highways in my constituency with Halma’s Sensit Technologies [in which Ms Rathbone owns shares] is a stretch. My comments were about reducing the number of cars on our roads, not trying to clean up the air with additional carbon emissions from a manufacturer of air cleaning technologies.
“It has never occurred to me to link my long standing advocacy of sustainable food with any financial advantage for IMAX, never mind my own declared interest in it.
“My investment in [renewable energy company] Awel Ltd is well below the amount which requires declaration. But I recognize this as one which might be construed as of a potential direct financial interest.
“That is why I have declared that interest under Standing Order 2.6 when discussing renewable energy in the Senedd or in Committee meetings.”