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Shareholder Executive
The Shareholder Executive (ShEx) was a body within the UK Government between 2003 and 2016, responsible for managing the government's financial interest in a range of state-owned businesses for commercial rather than political interests. It was part of the Department for Business, Innovation and Skills and staffed by civil servants, many of whom were corporate finance professionals with private sector experience. It was led by Mark Russell as chief executive at the time of its merger into UK Government Investments.
The Shareholder Executive managed a portfolio of businesses with a combined turnover of around £12 billion. The businesses varied and could be in the form of a limited company, public limited company, limited liability partnership, statutory corporation, trading fund, executive agency, non-departmental public body or non-ministerial government department.
It advised the government on drafting parts of the Postal Services Act 2011 and worked on the privatisation of Royal Mail and the possible mutualisation of Post Office Ltd. It was also involved in establishing the UK Green Investment Bank, the Public Data Group and the British Business Bank.
It was not responsible for the government's shares in UK banks, which were managed by UK Financial Investments (UKFI), or the government's property holdings, which were managed by the Government Property Unit (GPU).
The Shareholder Executive was originally established in September 2003 as part of the Cabinet Office. In 2004 it moved to the Department of Trade and Industry (DTI).
The National Audit Office published a report into the Shareholder Executive in 2007. This was broadly positive but had some misgivings about its location in the DTI.
Following the split of the DTI in 2007, ShEX moved to the Department for Business, Enterprise and Regulatory Reform (BERR) and then to its successor, the Department for Business, Innovation and Skills (BIS) in 2009.
Early interventions by the Shareholder Executive included efforts in 2004–2005 to save distressed carmaker MG Rover, followed by successful interventions to protect the UK operations of Jaguar Land Rover and General Motors. The Shareholder Executive was involved in the government's nationalisation of Northern Rock and Bradford & Bingley at the start of the banking crisis in 2008. It then began the process of splitting off Northern Rock's 'bad bank' mortgage business to form Northern Rock. All bank shareholdings were transferred to UK Financial Investments in November 2008.
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Shareholder Executive
The Shareholder Executive (ShEx) was a body within the UK Government between 2003 and 2016, responsible for managing the government's financial interest in a range of state-owned businesses for commercial rather than political interests. It was part of the Department for Business, Innovation and Skills and staffed by civil servants, many of whom were corporate finance professionals with private sector experience. It was led by Mark Russell as chief executive at the time of its merger into UK Government Investments.
The Shareholder Executive managed a portfolio of businesses with a combined turnover of around £12 billion. The businesses varied and could be in the form of a limited company, public limited company, limited liability partnership, statutory corporation, trading fund, executive agency, non-departmental public body or non-ministerial government department.
It advised the government on drafting parts of the Postal Services Act 2011 and worked on the privatisation of Royal Mail and the possible mutualisation of Post Office Ltd. It was also involved in establishing the UK Green Investment Bank, the Public Data Group and the British Business Bank.
It was not responsible for the government's shares in UK banks, which were managed by UK Financial Investments (UKFI), or the government's property holdings, which were managed by the Government Property Unit (GPU).
The Shareholder Executive was originally established in September 2003 as part of the Cabinet Office. In 2004 it moved to the Department of Trade and Industry (DTI).
The National Audit Office published a report into the Shareholder Executive in 2007. This was broadly positive but had some misgivings about its location in the DTI.
Following the split of the DTI in 2007, ShEX moved to the Department for Business, Enterprise and Regulatory Reform (BERR) and then to its successor, the Department for Business, Innovation and Skills (BIS) in 2009.
Early interventions by the Shareholder Executive included efforts in 2004–2005 to save distressed carmaker MG Rover, followed by successful interventions to protect the UK operations of Jaguar Land Rover and General Motors. The Shareholder Executive was involved in the government's nationalisation of Northern Rock and Bradford & Bingley at the start of the banking crisis in 2008. It then began the process of splitting off Northern Rock's 'bad bank' mortgage business to form Northern Rock. All bank shareholdings were transferred to UK Financial Investments in November 2008.