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Michael Rake
Michael Rake
Michael Rake
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Sir Michael Derek Vaughan Rake (born 17 January 1948) is a British businessman, former chairman of BT Group, former chairman of Worldpay and a director of S&P Global. He served as president of the CBI from 2013 until 2015.[1][failed verification] He was appointed to the board of Huawei Technologies UK on 14 April 2020, having worked as an advisor for the company since 1 January 2019.[2]

Key Information

Early life

[edit]

Rake was born in Rugby on 17 January 1948,[3] the son of Group Captain Derek Shannon Vaughan Rake OBE AFC and Bar[4] and Rosamond née Barrett. He went to prep school in Devon, followed by Wellington College.[5] He qualified as a chartered accountant.[citation needed]

Career

[edit]

He joined KPMG in 1974, and worked in continental Europe before transferring to the Middle East to run the practice for three years in 1986. He transferred to London in 1989, became a member of the UK board in 1991, had a number of leadership roles in the UK before being elected UK Senior Partner in 1998. He was Chairman of KPMG in Europe and Senior Partner of KPMG in the United Kingdom, prior to his appointment as chairman of KPMG International in May 2002, in which capacity he served till September 2007.[6]

Board positions

[edit]

Rake was chairman of Business in the Community from 2004 to 2007 and a member of the board of the Prince of Wales International Business Leaders Forum between 1998 and 2007.[7] He was chairman of easyJet from 2010 to April 2013.[8]

Rake is a vice president of the RNIB, a member of the board of the TransAtlantic Business Dialogue, the Chartered Management Institute, the DTI's US/UK Regulatory Taskforce, the Advisory Council for Business for New Europe, the Ethnic Minority Employment Taskforce, an Association Member of BUPA, The School of Oriental and African Studies advisory board, the advisory board of the Judge Institute at the University of Cambridge, Senior Adviser for Chatham House and the Global Advisory Board of the Oxford University Centre for Corporate Reputation. Rake is also a governor of Wellington College and a board member of Guards Polo Club. Rake was on the board of Barclays from 2008 to December 2015; he was promoted to deputy chairman in 2012, but turned down the offer to become chairman.[9][10]

As of 2013, Rake was a trustee of The Prince of Wales's Charitable Foundation.[11] He was president of the CBI from June 2013 to July 2015.[12][13]

Rake was appointed Chairman of Great Ormond Street Hospital in 2017.[14][15]

Personal life

[edit]

He is married with four children and five stepchildren, and was knighted in 2007.[16] Rake donated £5,000 to Ed Davey's 2020 Liberal Democrats leadership election campaign.[17]

Honors

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Michael Rake

View on Grokipedia
from Grokipedia
Sir Michael Derek Vaughan Rake (born 17 January 1948) is a British and renowned for his extensive in global and major corporations. Beginning his career at in 1974, he advanced to become chairman and senior partner of in 1998, chairman of Europe, and ultimately global chairman of International from May 2002 to September 2007. Knighted in the 2007 for services to the accountancy profession, Rake transitioned to corporate board , serving as chairman of BT Group plc from September 2007 until stepping down on 31 October 2017, a period marked by strategic shifts toward expansion and cost efficiencies amid telecom sector disruptions. Rake's subsequent roles underscore his expertise in navigating complex business environments, including chairmanships at plc from 2010 to 2013, where he addressed founder-investor tensions and growth challenges, and at Worldpay Group plc following his departure from in 2015, as well as deputy chairmanship of plc from 2012 to 2015 during its post-financial crisis restructuring. He also contributed to UK business policy as president of the (CBI) from 2013 to 2015, advocating for enterprise and regulatory reform. In recent years, Rake has advised on special situations and chaired entities like Emergex Vaccines in 2023, maintaining influence in finance, technology, and healthcare sectors.

Early Life and Education

Family Background and Childhood

Sir Michael Derek Vaughan Rake was born on 17 January . He was the son of Derek Rake, a pilot in the , and Rosamond Rake (née Barrett). Rake's family featured a medical orientation among relatives, diverging only in the case of his father, who enlisted in the . In his youth, Rake sought to emulate his father's aviation career by training as an RAF pilot, passing requisite examinations before a disqualifying skin allergy ended the pursuit. This redirection steered him toward professional auditing rather than military service.

Formal Education and Early Influences

Rake attended during his father's military postings abroad, followed by a preparatory school in and College in , completing his secondary education there. He did not pursue university studies, briefly considering medicine before opting for professional training in accountancy to gain a broad foundation. Qualifying as a in the in 1972 through training at Peat Marwick Mitchell (later ), Rake entered the profession directly after school. His early aspirations were shaped by his , Derek Rake, an RAF medical officer, leading Rake to aim for a pilot career; however, a skin allergy disqualified him after he passed initial tests. With unattainable and family ties to unappealing, accountancy provided an alternative path emphasizing analytical rigor and commercial exposure.

Professional Career

Early Roles in Accounting and Consulting

Rake qualified as a following his education at Wellington College and joined , one of the , in 1974 to begin his professional career in accounting and advisory services. His initial roles involved working in , where he gained experience in auditing, , and consulting practices across multiple jurisdictions as part of KPMG's international operations. In 1986, Rake transferred to the , serving as Senior Partner for KPMG's regional practice for three years until 1989, during which he oversaw the firm's , assurance, and consulting engagements in a challenging environment. This position marked an early leadership responsibility, building on his foundational expertise in financial reporting and business advisory services amid regional economic volatility. Returning to London in 1989, Rake assumed increasingly prominent roles within KPMG's UK operations, joining the UK Board in 1991 and contributing to strategic oversight of the firm's accounting and consulting divisions before ascending to more executive positions. These early experiences established his reputation in international accounting standards and , emphasizing practical application in diverse regulatory contexts.

Leadership at KPMG

Rake joined in 1974, initially working in before serving as Senior Partner of the firm's practice from 1986 to 1989. He progressed to become a member of the UK Board in 1991 and was appointed Senior Partner of United Kingdom in 1998, while also assuming the role of Chairman of Europe. These positions positioned him to lead the firm's European operations amid growing international scrutiny of accounting practices following high-profile corporate scandals. In May 2002, Rake was elected Chairman of International, overseeing the global network of the Big Four accounting firm during a period of regulatory intensification. He was unanimously re-elected for a second three-year term in September 2005, extending his leadership until September 2007. Under his stewardship, navigated significant challenges, including criticism of U.S. auditing regulations that he argued were incompatible with international standards, potentially disadvantaging non-U.S. auditors. A pivotal crisis during Rake's tenure was the U.S. tax shelter scandal, where KPMG faced threats of criminal indictment for promoting abusive shelters that generated over $11 billion in phony deductions for clients. In August 2005, the firm entered a deferred prosecution agreement with the U.S. Department of Justice, admitting criminal wrongdoing and agreeing to pay $456 million in fines, restitution, and penalties, while implementing compliance reforms to avoid firm-wide prosecution. By January 2007, prosecutors dismissed the criminal conspiracy charge against KPMG after the firm cooperated fully and several individual executives were convicted or pleaded guilty, averting existential risks to the organization's operations. Rake's leadership emphasized crisis management and structural reforms to restore credibility amid heightened global demands for audit integrity.

Tenure as Chairman of BT Group

Sir Michael Rake was appointed chairman of plc on 19 February 2007, succeeding Sir Bland, with his tenure commencing in 2007. He served in the role for a decade, stepping down on 31 October 2017, after which Jan du Plessis succeeded him. During this period, Rake oversaw BT's navigation through the global and subsequent economic pressures, crediting the management team for stabilizing operations amid revenue challenges in a maturing telecoms market. A pivotal achievement under Rake's leadership was the £12.5 billion acquisition of , the UK's largest mobile operator, announced on 5 February 2015 and completed on 29 January 2016 following regulatory approval. This transformational deal integrated EE's mobile assets with BT's fixed-line infrastructure, enabling convergence strategies and positioning BT as a unified provider of , TV, and mobile services to counter competition from rivals like and . In 2016, Rake highlighted the need for further investment, announcing a £6 billion commitment to network upgrades and customer acquisition to sustain growth. Rake's tenure concluded amid scrutiny over an accounting scandal in BT's Italian subsidiary, revealed in early 2017, involving £530 million in overstated profits from improper and potential between 2014 and 2016. At the July 2017 , shareholders expressed anger over lapses, though Rake defended actions taken, including suspending executives and appointing , while acknowledging the issues overshadowed prior accomplishments. The episode prompted a profit warning and share price decline, underscoring risks in BT's international operations during Rake's oversight. His annual remuneration as chairman was approximately £700,000.

Other Executive and Advisory Positions

Rake served as chairman of plc from May 2010 to July 2013, succeeding Sir David Michels on an interim basis following the resignation of Sir Colin Chandler. During this period, he managed shareholder tensions, including a failed bid by founder to remove him from the board. From 2012 to 2015, Rake acted as deputy chairman of plc, a role he assumed amid the bank's recovery from the manipulation scandal. He resigned in July 2015, shortly after the dismissal of chief executive Antony Jenkins. Rake was appointed chairman of Holding, a Dubai-based retail and conglomerate, in July 2009 and held the position until June 2025, overseeing expansions across the , , and . He chaired plc, a payments processing firm, from 2015 to 2018, guiding it through its on the in October 2015 before its acquisition by Vantiv in 2018. In advisory capacities, Rake served as a senior advisor to and later joined Elliott Advisors (Europe) Ltd as an advisor in March 2023 to enhance the activist investor's engagement with corporate boards.

Board and Advisory Roles

Non-Executive Directorships and Chairmanships

Sir Michael Rake has held several prominent non-executive chairmanships and directorships in , , retail, and healthcare, leveraging his background in global and . His roles emphasize oversight of strategic direction without day-to-day management responsibilities. From 2007 to 2017, Rake served as non-executive chairman of plc, succeeding Sir Christopher Bland and guiding the company through and regulatory challenges in the UK telecom sector. He was appointed non-executive chairman of plc in 2010, stepping down in 2013 after overseeing expansion amid post-financial crisis recovery in low-cost aviation. As non-executive chairman of plc from 2015 to 2018, he managed the payments processor's growth prior to its acquisition by Vantiv. Rake acted as senior independent and deputy chairman of plc from 2012 to 2015, contributing to board oversight during the aftermath and leadership transitions. He joined the board of McGraw-Hill Companies (now Inc.) as a in December 2007, serving through its evolution into a financial and provider. In current capacities, Rake chairs Holding LLC since July 2009, overseeing the UAE-based retail and leisure conglomerate's international operations. He is non-executive chairman of NewDay Ltd, a issuer, and Wireless Logic Ltd, an IoT connectivity firm. Additionally, he chairs Phoenix Global Resources plc as non-executive chairman and was appointed non-executive chairman of Emergex Vaccines Ltd in June 2023. Rake also held non-executive chairmanship of for Children , focusing on pediatric healthcare governance.
RoleOrganizationTenure
Non-Executive Chairman plc2007–2017
Non-Executive Chairman plc2010–2013
Non-Executive Chairman plc2015–2018
Senior Independent Director / Deputy Chairman plc2012–2015
Non-Executive Director Inc. (formerly McGraw-Hill)From 2007
Non-Executive Chairman Holding LLCSince 2009
Non-Executive ChairmanNewDay LtdCurrent
Non-Executive ChairmanWireless Logic LtdCurrent
Non-Executive ChairmanPhoenix Global Resources plcCurrent
Non-Executive ChairmanEmergex Vaccines LtdSince June 2023

Current and Recent Appointments

As of October 2025, Sir Michael Rake serves as chairman of Wireless Logic Ltd, an IoT connectivity provider, a position he has held since June 2019. He is also chairman of NewDay Ltd, a UK-based company specializing in credit cards and lending. Additionally, Rake chairs Phoenix Global Resources plc, an energy company focused on natural resources exploration and production. and Emergex Vaccines Ltd, a firm developing T cell-based therapeutics, where he was appointed chairman on 29 June 2023. He maintains a directorship with the British Argentine Chamber of Commerce, appointed on 21 February 2011. Recent appointments include his role as a senior advisor to Elliott Advisors (UK) LLP, part of the activist investment firm Elliott Management, beginning in March 2023 to enhance its engagement with UK stakeholders. Rake stepped down as chairman of Majid Al Futtaim Holding LLC on 24 June 2025, after serving since 2009 and overseeing its expansion in retail and leisure across the Middle East, Africa, and Asia. His chairmanship of Great Ormond Street Hospital for Children NHS Foundation Trust ended in 2023, following his appointment in June 2017. He resigned as chair of UCL Health Alliance Limited on 9 January 2024, a collaborative health trust he joined in late 2022.

Contributions to Business Organizations

Presidency of the Confederation of British Industry (CBI)

Sir Michael Rake was appointed president of the (CBI) in June 2013, succeeding Sir Roger Carr, following an announcement of his selection in March of that year. His two-year term, which concluded in June 2015, coincided with intensifying debates over the UK's relationship with the ahead of the 2016 . As president, Rake represented the interests of British businesses, focusing on lobbying for policies that enhanced competitiveness, including reforms to labor markets and trade frameworks. Rake's leadership emphasized the economic advantages of EU membership, positioning the CBI as a vocal proponent of the UK remaining in the bloc. In September 2014, he argued that continued participation in the was essential for preserving the UK's global influence and business access to European markets, warning that exit would undermine . This stance intensified in 2015; at the CBI's annual dinner in May, Rake issued a pro-EU rallying cry, asserting that an "overwhelming majority" of businesses favored staying and that withdrawal would isolate the UK economically. He echoed these views in April 2015, aligning with other business leaders in supporting reforms within the EU rather than departure. These positions drew criticism from Eurosceptic groups, who contended that Rake overstated the risks of exit and underrepresented alternative trade models like WTO rules. Beyond EU advocacy, Rake used his platform to address broader economic challenges, such as advocating for greater labor flexibility in the to bolster recovery from the , a view he expressed in November 2014. He also outlined the CBI's role in influencing through evidence-based , as highlighted in a July 2013 statement on adapting to post-recession realities. His tenure reinforced the CBI's function as a bridge between and , though the organization's pro-EU alignment later faced internal scrutiny amid shifting member sentiments toward .

Involvement in Financial Reporting and Standards

Sir Michael Rake served as a director on the Board of the UK's (FRC) from 2004 to 2007, during which the organization oversaw the development and enforcement of accounting and auditing standards in the . In this capacity, he contributed to regulatory efforts aimed at enhancing the quality and transparency of corporate financial disclosures, including the adoption and implementation of (IFRS) across Europe following the EU's mandate in 2005. Rake's tenure on the FRC overlapped with key debates on global accounting convergence, particularly the alignment of IFRS with U.S. (GAAP). In a 2007 interview, as former chairman of Europe, he advocated for a measured approach to this convergence process, warning that rushing changes could introduce unintended complexities and risks into financial reporting without sufficient testing. He later expressed support for IFRS's role in promoting uniform financial reporting outside the , crediting it with improving comparability for investors, though he noted ongoing challenges in full global harmonization. By 2008, Rake continued his involvement with the FRC until resigning in February 2012, amid concerns that his expanding executive commitments— including chairmanships at major firms—might conflict with the independence required for regulatory oversight. This departure highlighted tensions between high-profile board roles and the FRC's emphasis on impartiality in setting standards, as the council sought to maintain credibility in auditing and ethical guidelines post-financial crises. Additionally, Rake participated in the UK Department of Trade and Industry's U.K./U.S. Taskforce on Regulation, which addressed transatlantic differences in financial oversight and reporting practices during the mid-2000s. His background in global auditing at informed these efforts, emphasizing practical implementation over theoretical ideals in standard-setting.

Economic and Political Views

Stance on Brexit and European Integration

Michael Rake, as president of the Confederation of British Industry (CBI) from 2015 to 2016, advocated strongly for the United Kingdom's continued membership in the European Union ahead of the 2016 referendum, arguing that EU participation provided essential access to the single market and supported economic stability for businesses. In May 2015, he issued a pro-European rallying cry at a CBI dinner, stating that the "overwhelming majority of businesses" favored remaining in the EU and that membership aligned with the national interest by preventing isolation and preserving trade advantages. Rake signed a February 2016 letter in The Times alongside other business leaders, including executives from Shell, easyJet, and BAE Systems, endorsing EU membership for its role in fostering investment and growth, while critiquing exit risks without endorsing deeper political integration. As chairman of during the campaign, Rake warned of Brexit's potential "devastating consequences" in July 2016, dismissing pre-vote Remain warnings—often labeled "Project Fear"—as "Project Fact" based on observed post- market disruptions and investment hesitancy. He emphasized empirical business data, noting that the majority of firms, per CBI surveys, prioritized access over sovereignty concerns, and predicted that voters would ultimately opt to remain, citing net foreign investment tied to ties. Rake's position reflected a pragmatic business perspective favoring , though he acknowledged frictions, such as regulatory burdens, without proposing withdrawal as a solution. Following the result, Rake adopted a more conciliatory tone, urging acceptance of the outcome in January 2017 while highlighting opportunities for regulatory flexibility outside the , such as tailored deals. By 2018, as chairman of the International Chamber of Commerce, he endorsed Theresa May's as preferable to a no-deal scenario, arguing it mitigated immediate disruptions despite imperfections in arrangements. That same month, Rake joined City figures like Lord Davies in calling for a "People's Vote" on the final deal, contending that evolving — including sterling depreciation and delayed investments—warranted public reconsideration to avoid irreversible harm. This evolution underscored his consistent prioritization of verifiable economic impacts over ideological commitments to European , though his advocacy drew criticism from Leave proponents for perceived elite resistance to the mandate.

Perspectives on Business Regulation and Global Trade

Michael Rake has advocated for greater labor market flexibility to enhance competitiveness and address , particularly in the euro area. As president of the in 2014, he argued that rigid labor regulations impede recovery, stating the need for "labor flexibility" alongside structural reforms to stimulate growth and job creation. Rake has critiqued the influence of business regulation on sectors like , noting BT Group's operations in one of the world's most regulated markets, where fixed-line business declined from 97% to minimal shares due to technological shifts and regulatory pressures. He has also highlighted politicians' lack of practical experience as a barrier to effective regulatory design, suggesting it results in policies disconnected from commercial realities. In financial reporting, Rake endorsed the (IFRS) for promoting uniform global standards outside the U.S., improving transparency while acknowledging implementation challenges. On global trade, Rake has consistently promoted liberalization and multilateral progress to drive economic gains. In a 2015 contribution, he called for reinvigorating trade amid the stalled Round at the (WTO), proposing the WTO shift to a role as a repository and adviser harmonizing bilateral and plurilateral deals like the (TTIP) and (TPP), which could yield GDP increases of 0.5% to 13% per estimates. He warned against nascent laws fragmenting digital trade and urged enshrining free cross-border data flows with proportionate protections to sustain commerce, innovation, and societal benefits. As a panelist at the International Chamber of Commerce's 2017 World Trade Agenda Day and later UK chairman of the ICC, Rake defended open against rising , emphasizing its role in elevating living standards through job creation and cost reductions, while advocating evidence-based discourse to refine the system rather than retreat from it. His positions reflect a pragmatic endorsement of as a stability mechanism, particularly for emerging markets, aligned with his involvement in forums like the on .

Controversies and Criticisms

Corporate Governance Challenges at BT

During Michael Rake's chairmanship of from February 2012 to October 2017, the company faced significant scrutiny stemming from an accounting in its Italian subsidiary, BT Italia. In October 2016, BT disclosed "inappropriate" accounting practices in dating back to 2015, initially estimating a £20 million impact, but investigations revealed systematic irregularities including double-billing, fake contract renewals, inflated revenues to meet bonus targets, and bogus transactions totaling £530 million in overstated earnings. This led to a sharp 21% drop in BT's share price on January 24, 2017, erasing nearly £8 billion in market value, and prompted a broader review uncovering further control weaknesses in other overseas units. Critics highlighted lapses in board oversight and internal controls, with evidence emerging that senior BT executives were aware of irregularities as early as 2015 but failed to act decisively, allowing the —dubbed "Grande Frode" by investigators—to persist. The exposed deficiencies in monitoring, , and compliance frameworks, particularly in high-risk international operations, undermining confidence in BT's under Rake's leadership. At the July 2017 , shareholders demanded accountability, labeling the episode "" and calling for CEO Gavin Patterson's resignation, though Rake defended the board's response, citing "extensive discussions" and remedial actions like enhanced audits. Compounding governance concerns, BT's switch from auditor to in 2017—following 's identification of the —raised questions of conflict, as Rake had previously chaired International from 2002 to 2007 and participated in the appointment process. was later fined £1.75 million in 2022 by regulators for substandard work on BT Italia's 2017 accounts, failing to challenge management's assertions adequately. In response, BT implemented cost-cutting measures, including 4,000 job reductions and a £300 million charge, while reducing executive pay and guidance; Rake's tenure ended amid these reforms, with successor Jan du Plessis tasked with restoring board credibility. The episode underscored systemic risks in decentralized telecom operations but drew no formal regulatory sanctions against Rake personally.

Backlash on Policy Advocacy and Brexit Position

Rake encountered significant criticism for his leadership of the Confederation of British Industry's (CBI) advocacy during the 2015–2016 referendum campaign, where he positioned the organization firmly in support of remaining in the . As CBI president from June 2015 to June 2016, he urged business leaders to "speak out early" and "turn up the volume" on the benefits of EU membership, warning that withdrawal would lead to economic isolation and reduced global influence. This stance, articulated in speeches and public statements, was lambasted by pro-Leave business figures and media outlets as elitist scaremongering that prioritized multinational corporate interests over national and smaller enterprises. Critics, including commentators in pro-Brexit publications, portrayed Rake's interventions—such as his claim that the would "lose its clout" outside the and his appeal to workers at firms like Rolls-Royce to vote Remain to safeguard executive board positions—as of detachment from ordinary voters and self-serving . described him as a "self-important" figure whose inadvertently bolstered the Leave campaign by exemplifying the perceived arrogance of . Similarly, in May 2015, following Rake's pro-EU rallying cry, executives from major firms publicly rebuked the CBI's position, arguing it misrepresented broader sentiment and alienated members favoring or exit. The CBI's Remain advocacy under Rake also drew political backlash, notably from Business Secretary in June 2015, who accused the organization of advancing a "" agenda disconnected from small and medium-sized enterprises (SMEs) that often prioritized immigration controls and regulatory autonomy over single-market access. Javid's critique highlighted perceptions that Rake's policy push reflected the views of FTSE 100 leaders rather than a diverse cross-section of industry, contributing to post-referendum resignations from CBI membership among pro-Leave firms. Rake defended the CBI's empirical focus on trade data and investment risks, but detractors contended this overlooked voter concerns on sovereignty and migration, framing his advocacy as overly aligned with Brussels-centric priorities. Broader policy positions advocated by Rake, including his dismissal of anti-immigration arguments as "factually incorrect" and harmful to recovery in a November 2013 speech, amplified accusations of ideological bias in his business leadership. While Rake cited economic data on labor mobility's benefits, such statements fueled claims from conservative and Eurosceptic quarters that CBI presidents like him privileged internationalist orthodoxy over domestic priorities, eroding the organization's neutrality. This culminated in a tarnished perception of Rake's tenure among Brexit advocates, who viewed his unyielding Remain advocacy as a catalyst for the CBI's diminished influence in post-referendum policy debates.

Personal Life

Family and Residences

Sir Michael Rake is married to Caroline Rake and has four sons. His father, Derek Shannon Vaughan Rake, served as a pilot in the , while his mother was Rosamond, née Barrett. Rake maintains a low public profile regarding further family details, with some sources noting four children and five stepchildren in total. Rake resides in , , where he keeps horses and has formed a polo team. This countryside home reflects his interests in equestrian activities, though no recent updates on residences are publicly detailed.

Philanthropic and Public Service Activities

Sir Michael Rake was appointed Chairman of for Children on 12 June 2017, formally joining the role on 3 January 2018 following his tenure at . Rake serves as a vice-president of the Royal National Institute of Blind People (RNIB), a charity supporting those with sight loss. He was appointed chairman of Business in the Community, a business-led organization promoting responsible business practices for social and environmental impact, by then-Prince Charles through connections formed via . Rake holds a position on the trust board of the British Normandy , which honors British contributions to the D-Day landings and subsequent Normandy campaign. In broader public service, Rake participated as a member of the Prime Minister's Business Advisory Group, providing input on economic policy.

Honors and Legacy

Awards and Knighthood

In the 2007 New Year Honours, Rake was appointed Knight Bachelor for services to the accountancy profession, recognizing his leadership as chairman of KPMG International from 2002 to 2007. He was formally knighted by Queen Elizabeth II at Buckingham Palace on 28 February 2007. In 2011, Rake received the BritishAmerican Business Transatlantic Business Award for outstanding business leadership, shared with chairman . In 2021, the Japanese government awarded Rake the Grand Cordon of the , one of Japan's highest honors for foreign nationals, in recognition of his contributions to strengthening -Japan economic relations during his tenure at and other roles. The decoration was formally bestowed by Japanese Ambassador to the Hayashi Hajime on 2 December 2021.

Assessment of Career Impact

Sir Michael Rake's leadership at from 1974 to 2007, culminating in his role as global chairman from May 2002 to September 2007, enhanced the firm's international coordination and stature within the Big Four networks, with Rake actively promoting programs and earning £3.6 million in compensation in 2006. His progression from senior partner in 1998 to overseeing European and global operations facilitated 's expansion in key markets, including the , where he served as senior partner from 1986 to 1989. As chairman of from September 2007 to October 2017, Rake directed the telecom incumbent's adaptation to digital convergence and competitive erosion of fixed-line revenues, most notably through the £12.5 billion acquisition of mobile operator announced in February 2015 and completed in January 2016. This transformational transaction integrated BT's infrastructure with EE's network, enabling converged services and investments in sports , such as in 2015, to drive subscriber growth and counter rivals like . Despite persistent challenges including a large deficit and regulatory scrutiny over , these initiatives positioned BT for sustained relevance in a mobile-first market, though the company's share price experienced volatility amid broader sector pressures. Beyond corporate roles, Rake's impact extended to economic policy and , as the inaugural chairman of the UK Commission for Employment and Skills from 2007 to 2010, where he highlighted empirical skills shortages threatening , and as a director from 2008 to 2011, supporting transparency reforms. His advocacy for evidence-based business strategies, including global trade reinvigoration as co-chair of the on Africa in 2015, and demonstrated composure in crises—such as Barclays' 2008 exposure—cemented his legacy as a pragmatic influencer in British boardrooms and public service.

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