LONDON: Indian-Origin Business Chief Vindi Banga To Chair UK Government Agency

LONDON: Indian-origin business and
industry veteran Vindi Banga has been appointed as Chair of the UK Government
Investments (UKGI), the government’s centre of expertise in corporate finance
and governance and an arm’s length body of the Treasury department.

Banga,
66, currently Chair at Marie Curie and a senior non-executive director (NED) at
GlaxoSmithKline, will take over the prestigious role from September, the
Treasury said on Monday.

Banga,
also a NED at The Economist Group and Partner of private equity firm Clayton,
Dubilier & Rice (CD&R), has 33 years of experience at Unilever, where
his last role was President of the Global Foods, Home and Personal Care
businesses, and on the Unilever Executive Board.

“His
extensive leadership experience will be a great asset for guiding the UKGI
board in the coming years,” said 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 said.

Banga
will take over at the agency, which oversees taxpayer interests in state-owned
entities of the country, following a handover with incumbent chairman Robert
Swannell CBE.

Charles
Donald, CEO of UKGI, said: “Vindi joins UKGI with a wealth of experience
from his previous and current positions. I am particularly pleased that this
critical organisation will be led by someone who embodies our ambitious
diversity and inclusion agenda and is passionate about helping me to build on
the progress made to date.

“I
very much look forward to working with Vindi in his new role as we continue to
deliver on our objectives over the next year and beyond.”

The appointment
is regulated by the Commissioner for Public appointments (OCPA) and is made in
accordance with the Governance Code on Public Appointments published by the UK
Cabinet Office.

The Chair
is appointed based on merit and, in accordance with the code, there is a
requirement for appointees’ political activity, if any declared, to be made
public. Banga did not declare any such political activity, the Treasury said.

The UKGI
provides expert advice and proposes solutions that inform and translate
government decisions into outcomes. It acts as a shareholder for, and leads the
establishment of other UK government arm’s length bodies; advises on all major
UK government corporate finance matters, including financial interventions into
corporate structures and corporate finance negotiations; analyses and advises
on the UK government’s contingent liabilities; and acquires, manages and
executes the sale of all significant UK government corporate assets.

The UKGI
is owned by Her Majesty’s (HM) Treasury and independently managed with a Board,
comprised predominantly of independent NEDs.

It works
closely with both the private and public sectors, advising and interacting with
ministers, Parliament and civil service departments.