Member

I turn next to conditions on the commissioners’ investment powers. Amendment 20 tabled by the noble Lord, Lord Holmes, seeks to insert into the Bill a new clause that would require the commissioners to ensure that the principle of additionality is met before making any investment decision. In practice, this would restrict investment by the Crown Estate to that which is not already present in the market. This would represent a fundamental change, given that the Crown Estate competes in commercial markets for profit. As such, applying the principle of additionality to the Crown Estate would significantly restrict its ability to make investment decisions consistent with its core functions and duties.