UK Government Investments

Treasury written question – answered on 16th September 2020.

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Photo of Kevan Jones Kevan Jones Labour, North Durham

To ask the Chancellor of the Exchequer, what steps his Department has taken to ensure that UKGI effectively represents his Department's interests, when advising board members of companies in which the Government has shareholdings.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

UKGI represents the shareholder on a number of boards, acting as one of the board members.

UKGI and HM Treasury work closely together on a range of issues. HM Treasury has a Framework Document in place with UKGI, which sets out the objectives against which HM Treasury requires UKGI to deliver. Performance against these objectives is monitored via regular meetings between HM Treasury and UKGI. The Second Permanent Secretary of HM Treasury is also an ex-officio board member of UKGI. It should be noted that UKGI performs the shareholder role on a number of government-owned companies where the shareholder is the secretary of state of a department other than HM Treasury.

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