A Conservative peer, Lord Ian Duncan, has apologized for breaching House of Lords rules by facilitating a meeting between Terrestrial Energy's chief executive and an energy minister. This incident arose from a reported investigation into the commercial interests of peers. Duncan, an adviser to Terrestrial Energy since 2020, was found to have violated rules against profiting from parliamentary membership. His actions included forwarding a letter requesting a rapid meeting with the minister, during which the CEO sought government funding access for the company's new nuclear reactors. Other peers are also under investigation for similar breaches.
Lord Ian Duncan of Springbank admitted to breaking House of Lords rules by facilitating a meeting between Terrestrial Energy's chief executive and an energy minister. He was found to breach the regulations that prohibit peers from profiting from their parliamentary roles.
Since 2020, Duncan has been advising Terrestrial Energy and received share options for the company's stock, allowing him to benefit if the company's shares increase in value. His actions have raised serious questions about conflicts of interest and adherence to the House of Lords' code of conduct.
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