MEPs have told Miguel Arias Cañete that it is a necessity for him to give up his shares in two oil companies if he wants his nomination as new climate and energy commissioner to be approved.
The EUs new climate and energy commissioner is being pressed to give up his shares in two oil companies, only two days after being appointed by Jean-Claude Junker, as it may become a conflict of interest.
Before the MEPs will give the okay for Miguel Arias Cañete's nomination they have stated that he must dispose of any oil company shareholdings. He has until the European Parliament hearings later this month.
His nomination is under debate and one environment committee member, Jo Leinen, went as far as to say there was "no guarentee" Miguel Arias Cañete would be confirmed. It is thought there may be a chance the proposed commissioner list will be sent back to Juncker under the powers of the European Parliament hearing.
Cañete makes no secret of his involvement in the oil companies and in his declaration of interests mentions holdings in the two oil companies as well as his work as a lawyer.
His stocks have been valued at around £259 000 but exact amounts are unknown. Meanwhile, his office has failed to respond to any questions on the matter.
His nomination has come as a shock for several reasons one of which being the pledge taken by Jean-Claude Juncker, the new EU president, that 40% of his new commissioners would be women.
A German social democrat MEP has argued "a commissioner has to be independent from special interests and in my opinion it is obligatory that he give up any shares in oil companies if he wants to fulfil his duties in office free from any conflict of interests. He must not be compromised by commercial or personal interests."
