More than 150 members of the House of Lords have declared themselves persons of significant control in private companies, according to the latest register of financial interests.
Lord Mance, the chair of the Conduct Committee, said that the changes will be made when the Guide to the Code of Conduct is next updated.
The change comes after a formal complaint to the Lords Standards Commissioner by Tom Brake, the former Liberal Democrat MP who is now director of Unlock Democracy.
Brake also filed a complaint in relation to openDemocracy’s original investigation, which resulted in 24 peers being found in breach of the rules.
The breach is thought to be one of the largest ever exposed. In response to the ruling, the Lords Commissioner for Standards, Martin Jelley, said that all financial declarations will be audited to make sure peers are providing descriptions of the companies they have declared an interest in.
"This is an outstanding result for Unlock Democracy and openDemocracy," Brake said. "Not only have scores of peers amended the register to improve the public's understanding of their business, but the Code of Conduct will be changed too.
"This change will close down a loophole for peers who might have significant, but undocumented control over a company."
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