HM Treasury

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72/09

28 July 2009

Chancellor appoints new Chairman for UKFI

Sir David Cooksey has been appointed as Chairman of UK Financial Investments Limited (UKFI), the company set up to manage the Government’s stakes in the banks, the Chancellor of the Exchequer Alistair Darling announced today.

The Chancellor said:

"As one of Britain’s leading businessmen, Sir David combines hands-on financial expertise with a thorough understanding of the needs of businesses throughout the country. I am delighted that he has agreed to take on the role of Chairman of UKFI, looking after the investments we have made in the banks".

Sir David Cooksey said:

"I am pleased to be to taking on this important and challenging role. The taxpayer has made a substantial investment in the banks in order to preserve financial stability, and I will be focused on protecting the value of those investments and disposing of them over time".

The Chancellor also expressed his thanks to Glen Moreno, who has served as Acting Chairman of UKFI since Sir Philip Hampton moved from UKFI to become Chairman of the Royal Bank of Scotland in January. Sir David’s appointment will take effect from 1 August.

Notes for editors

1. UKFI was set up in November 2008 to manage the UK Government’s investments in banks subscribing to its recapitalisation funds. Its overarching objective is to protect and create value for the taxpayer as shareholder, with due regard to financial stability and the promotion of competition. In addition to the Chairman and Chief Executive, the UKFI Board comprises Peter Gibbs, Michael Kirkwood, Philip Remnant, Lucinda Riches, and Louise Tulett. More details including board bios are available on the UKFI website.

2. Sir David Cooksey is Chairman of London & Continental Railways Ltd and of Eurasian Natural Resources Corporation plc. Having started his career as an engineer he held a number of management positions in business before forming Advent Venture Partners, one of the first venture capital firms in the UK, in 1981. He remained Chairman of Advent until September 2006 and has held a number of other senior positions in the private and public sectors including Chairman of the Audit Commission, Director of the Bank of England and Governor of the Wellcome Trust. He was knighted in 1993 and appointed a Knight Grand Cross of the Order of the British Empire (GBE) in 2007.

3. Sir David’s appointment will take effect from 1 August, when Acting Chair Glen Moreno will stand down from the board. Sir David will be paid a flat fee of £100,000 per annum with no bonus or pension entitlement. Details of all other board members’ remuneration are set out in UKFI’s Annual Report on the UKFI website.

4. UKFI will also make some further announcements today on the UKFI website.

 

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