Previous Unilever veteran Banga lined up to lead governing administration agency UKGI | Organization News

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A previous Unilever government is getting lined up to get the helm of the Whitehall agency which oversees taxpayers’ interests in businesses including the Post Business office, NatWest Group and Channel 4. Sky Information has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the most […]

A previous Unilever government is getting lined up to get the helm of the Whitehall agency which oversees taxpayers’ interests in businesses including the Post Business office, NatWest Group and Channel 4.

Sky Information has learnt that Vindi Banga, who sits on the board of GlaxoSmithKline and chairs the most cancers charity Marie Curie, is anticipated to replace Robert Swannell as chairman of United kingdom authorities Investments (UKGI).

Mr Banga, who has also been a director of Marks & Spencer, is a notable Town figure who now also will work as a associate at Clayton Dubilier & Rice, the buyout business, which is amongst the bidders battling to purchase Wm Morrison, the grocery store chain.

One City insider stated his appointment at UKGI could be declared soon.

Graphic:
British isles authorities Investments appears after taxpayers’ passions in NatWest Team and Channel 4

His arrival at the governing administration-owned firm will occur as a fight looms over the foreseeable future of Channel 4, the state-owned broadcaster.

Ministers have signalled their need to privatise it as soon as next year, triggering protests from Channel 4 board associates.

UKGI also oversees taxpayers’ curiosity in NatWest, which could return to the vast majority private possession in the following 12 months less than govt options to reduce its stake.

Odgers Berndtson, the headhunter, has overseen the look for for Mr Swannell’s successor.

NatWest
Picture:
NatWest could return to the greater part non-public ownership in the upcoming 12 months underneath federal government plans to lessen its stake

Mr Swannell, who himself was chairman of M&S for several years, has chaired UKGI and its predecessor physique given that 2014.

The appointment of his alternative will be signed off by Rishi Sunak, the chancellor.

A panel which involves Baroness Vadera, the previous Treasury minister who now chairs Prudential, is understood to have interviewed the shortlisted candidates.

The UKGI chairmanship pays an annual charge of £40,000.

UKGI also oversees the British Business enterprise Lender, the government’s stake in Urenco, the uranium processor, and The Royal Mint.

The agency has played a important position in Whitehall’s response to the COVID-19 pandemic, with its workforce of company financiers offering information to ministers about how to help crisis-hit industries these as metal.

UKGI was shaped in 2016 from the merger of the Shareholder Government and Uk Fiscal Investments, which was set up during the 2008 banking disaster to keep the public’s stakes in Britain’s bailed-out banking institutions.

A UKGI spokesman referred enquiries to the Treasury, which has been contacted for comment.

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