Lord Donoughue has had an interesting answer to a question to Baroness Verma
To ask Her Majesty’s Government what assessment they have made on whether members of the Committee on Climate Change have or have had financial interests which may conflict with their independence. [HL4496]
The Parliamentary Under-Secretary of State, Department of Energy and Climate Change (Baroness Verma) (Con): The Department’s assessment is that members of the Committee on Climate Change do not have and have not had financial interests which may conflict with their independence whilst in post. Members are bound by a code of practice and with the rules relating to the use of public funds and to conflicts of interest, set out by the Cabinet Office. One of their responsibilities is to ensure that they must not misuse information gained in the course of their public service for personal gain or for political profit, nor seek to use the opportunity of public service to promote their private interests or those of connected persons or organisations.
It's hard to know what to make of this. If you take the noble baroness's words at face value, she is saying that under the code of conduct you must not take advantage of any conflict of interest. What she doesn't say is that public officials should not have conflicts of interest.
This seems to be borne out by the Cabinet Office code of conduct, although it is somewhat contradictory:
You have a duty to declare any private interests relating to your public duties and to take steps to resolve any conflicts arising in a way that protects the public interest.
You must ensure that no conflict arises, or could reasonably be perceived to arise, between your public duties and your private interests – financial or otherwise.
You must comply with the rules of the body on handling conflicts of interests. As a minimum, these will require you to declare publicly any private interests which may, or may be perceived to, conflict with your public duties. The rules will also require you to remove yourself from the discussion or determination of matters in which you have a financial interest. In matters in which you have a non-financial interest, you should not participate in the discussion or determination of a matter where the interest might suggest a danger of bias.
And they wonder why we think Westminster is a cesspit.