Indian-origin enterprise and trade veteran Vindi Banga has been appointed as Chair of the UK Government Investments (UKGI), the federal government’s centre of experience in company finance and governance and an arm’s size physique of the Treasury division.
Banga, 66, at the moment Chair at Marie Curie and a senior non-executive director (NED) at GlaxoSmithKline, will take over the celebrated function from September, the Treasury mentioned on Monday.
Banga, additionally a NED at The Economist Group and Partner of personal fairness agency Clayton, Dubilier & Rice (CD&R), has 33 years of expertise at Unilever, the place his final function was President of the Global Foods, Home and Personal Care companies, and on the Unilever Executive Board.
“His extensive leadership experience will be a great asset for guiding the UKGI board in the coming years,” mentioned John Glen, the Economic Secretary to the Treasury, who made the formal appointment.
“UKGI provides invaluable advice and support to the government on corporate governance and corporate finance, and Vindi’s appointment will ensure this continues,” he mentioned.
Banga will take over on the company, which oversees taxpayer pursuits in state-owned entities of the nation, following a handover with incumbent chairman Robert Swannell CBE.
Charles Donald, CEO of UKGI, mentioned: “Vindi joins UKGI with a wealth of expertise from his earlier and present positions. I’m notably happy that this vital organisation might be led by somebody who embodies our formidable range and inclusion agenda and is captivated with serving to me to construct on the progress made to this point.
“I very a lot look ahead to working with Vindi in his new function as we proceed to ship on our targets over the following yr and past.”
The appointment is regulated by the Commissioner for Public appointments (OCPA) and is made in accordance with the Governance Code on Public Appointments revealed by the UK Cabinet Office.
The Chair is appointed based mostly on benefit and, in accordance with the code, there’s a requirement for appointees’ political exercise, if any declared, to be made public. Banga didn’t declare any such political exercise, the Treasury mentioned.
The UKGI supplies knowledgeable recommendation and proposes options that inform and translate authorities choices into outcomes. It acts as a shareholder for, and leads the institution of different UK authorities arm’s size our bodies; advises on all main UK authorities company finance issues, together with monetary interventions into company constructions and company finance negotiations; analyses and advises on the UK authorities’s contingent liabilities; and acquires, manages and executes the sale of all vital UK authorities company belongings.
The UKGI is owned by Her Majesty’s (HM) Treasury and independently managed with a Board, comprised predominantly of unbiased NEDs.
It works intently with each the personal and public sectors, advising and interacting with ministers, Parliament and civil service departments.
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