The Queen has denied allegations that she blocked parliamentary legislation in the 1970s.
Her Majesty the Queen was shown parliamentary legislation in the 1970s that may have forced her to reveal her own financial details. According to Buckingham Palace, this legislation was shown to her by convention.
These documents fall under what is known as Queen’s consent, a process that entails asking Her Majesty for consent when debating legislation that may affect the Crown’s interests. Over 1,000 such laws have been seen by the Prince of Wales or the Queen herself over time, with Queen’s consent always being granted according to the Palace.
This draft law was said to have been amended to allow her as Head of State to continue to keep this information secret, which has led to suggestions that the Royal Family can influence legislation unfairly, despite taking a stance of strict political neutrality.
The legislation was designed to prevent investors from secretly building up significant stakes in listed companies through front companies or nominees, granting company directors the right to demand that nominees owning company shares reveal the identities of their clients when asked.
A company known as Bank of England Nominees Limited, operated by senior individuals at the Bank, was almost immediately granted this exemption. There has been speculation that this company was likely the one used to hold the Queen’s shares, and it was closed down four years ago after after it ceased to be covered by this legislation in 2011.
The Palace has stated that the role of the sovereign in this process is strictly formal, part of the parliamentary process and that any assertion that the sovereign has blocked legislation is simply incorrect.
It has also sought to clarify whether or not the Queen’s consent is something that Parliament needs to ask for. If parliament does not deem it necessary to the Royal Family, it consequently has no legislative obligation to inform Her Majesty.
