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30 March 2000
PRIVATE SECTOR APPOINTMENTS AID MODERNISING OF THE ROYAL MINT
A new shareholder panel of private sector managers and analysts, and the appointment of two new non-executive directors will bring greater private sector expertise into the running of the Royal Mint, Economic Secretary, Melanie Johnson, said today.
Welcoming the announcement, Miss Johnson said:
"These appointments are a key element in our programme of reform for the Royal Mint.
"The new shareholder panel will inject greater private sector expertise into the Mint and provide a more rigorous shareholder discipline. The appointment of two new non-executive directors will enhance the commercial expertise on the Mint's Board.
"I am delighted to announce that John Dean, Hugh Beevor and Stephen Dawson have all agreed to become members of the new Royal Mint shareholder panel, and that Jan Smith and David Stark have agreed to become Royal Mint non-executive directors.
"We are very fortunate that five such high quality individuals have agreed to work with us in taking forward our programme of reform at the Royal Mint.
"The shareholder panel is an important innovation in the Government's approach to managing public sector assets. We will be reviewing its operation after two years in part to see what lessons can be learned for other bodies in the public sector."
Shareholder Panel
John Dean of Warburg Dillon Read - an investment analyst experienced in the smaller engineering companies sector. He was again ranked first in the 1999 Reuters survey of UK smaller engineering companies analysts. As part of his experience in the City, Mr Dean has considerable regional experience having worked as an engineering firms analyst in the traditional manufacturing areas of the North East and the West Midlands.
Hugh Beevor, formerly of Blue Circle Industries PLC has extensive experience of managing the relationship between a parent company and its subsidiaries. He was a main board director at Blue Circle with responsibility for 12 building materials companies. He is currently a governor of the Institute of Development Studies.
Stephen Dawson of ECI Ventures Ltd is managing director of a successful venture capital company, with over 20 years experience of investing in growth companies and turnarounds.
Non-Executive Directors
Jan Smith, formerly of the RAC, First Direct and Mazda Cars (UK) Ltd, now with her own consultancy has extensive business experience and a particular expertise in marketing. Her track record includes responsibility for the marketing launch of First Direct and the rebranding of the RAC where she was a member of the executive operating committee.
David Stark - formerly of Tomkins PLC and now of Chairman of Glentay Ltd served on the Board of Tomkins for 11 years. He is a qualified engineer and at Tomkins was responsible for 29 of the group's companies, including all their European engineering companies and associated worldwide distribution companies. He is a member of the Competition Commission.
NOTES FOR EDITORS
Based in Llantrisant, Wales, the Royal Mint is a trading fund and Executive Agency employing over 1000 people. The Chancellor of the Exchequer is the Master of the Mint. The Mint's Chief Executive, Roger Holmes, is the Deputy Master. The Royal Mint's business comprises production of circulating coins and blanks for the UK and overseas governments, and collector coins and medals.
On 9 July last year the then Economic Secretary announced a programme of reforms at the Royal Mint (HM Treasury press release 116/99). These included the establishment of a shareholder panel to improve the Treasury's oversight of the Mint and a better defined role for non-executive directors. The Mint board already contains three private sector non-executive directors.
The Royal Mint shareholder panel includes, from the private sector: a venture capitalist; someone with experience of managing the relationship between a parent company and its subsidiaries; and an analyst experienced in dealing with the smaller engineering companies sector.
From the public sector, it includes Treasury officials with responsibility for oversight of public enterprises and the coinage, and will also include an experienced public sector manager. It is hoped to make the last appointment shortly.
All the appointments set out above were made in accordance with the Nolan procedures. Those to the shareholder panel are unpaid, while the non-executive director appointments involve a greater commitment of time and are, therefore, remunerated.
Media enquiries should be addressed to Charles Keseru in the Treasury press office on 020 7270 5188 or for the Royal Mint to Helen Birtwhistle on 01222 344888.