UKG100045387
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OFFICIAL-SENSITIVE
FINAL
UK Government
Investments
UK Government Investments Limited
(the “Company”)
27-28 Eastcastle Street, London W1W 8DH
Minutes of a meeting of the Board of Directors
Held via Microsoft Teams
On 21 January 2021 at 13:00
Present: Robert Swannell (in the Chair)
Charles Donald
Andrew Duff
Jitesh Gadhia
Jane Guyett
Clare Hollingsworth
Robin Lawther
James Leigh-Pemberton
Sarah Munby (until item 15)
Charles Roxburgh
Caroline Thomson
In attendance: Emily Ashwell (item 13)
Jamie Carter (item 4)
Elena Ciallie (item 5)
Isabel Clancy
Alex Cole (items 4 and 7)
Tom Cooper (items 4 and 5)
Lucy Coutinho
Zoe Gillis
Samantha Harris (item 5)
Michael Harrison (item 14)
Helen Humphreys
Ramona Jones (item 4)
Lucie Lambert (until item 7)
Henry Lloyd (item 12)
Tim McInnes (item 4)
Sandy Moreira (item 13)
Anna Payton (item 14)
James Pfeffer (item 12)
Robert Razzell
Joshua Scott (item 4)
Simardeep Soor (item 13)
James Steer
Susie Timlin (items 8-11)
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Holger Vieten (item 14)
1. Declarations of interest
Each Director of the Company who had an interest under sections 177 and/or 182 of the
Companies Act 2006 declared such an interest and it was noted that, in accordance with article
7 of the Company's Articles of Association, each such Director was entitled to vote in respect of
any proposed matter in which he/she was interested and that each such Director was entitled to
be (and was) taken into account in ascertaining whether a quorum was present.
In relation to Item 13, it was noted that Caroline Thomson had in indirect interest by virtue of being
the Chair of an entity in which the BBC is shareholder; it was agreed that this interest did not
represent a conflict.
2. Minutes of the previous meeting
The minutes of the meeting of 26 November 2020 were approved.
3. Action log
No matters arising.
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Risk update
8. CEO report
The CEO highlighted three themes from his report. Firstly, the need to focus on delivery and
execution, and to exercise a high degree of caution around taking on any more assignments.
Secondly, the revised values which had been circulated to Board members, which have been
generated with input from a range of colleagues, and represent an achievable standard to which
all staff can aspire. The Board agreed that the focus on culture was necessary and positive, and
noted the current thinking on this within CIRG. Thirdly, the diversity and inclusion agenda was
discussed including the Seriously Inclusive sessions, and the ongoing independent audit.
With the departure of Maddy McTernan and Candida Morley, there is a need to increase the pool
of director-level staff. One internal promotion is in progress, subject to ministerial approval. A
process to recruit a further one or two directors will be launched in the next month or so. Having
carefully considered the internal structure, it has been concluded that here is no current need to
revise reporting lines.
Action: Seriously Inclusive consultants to be invited along to a Board meeting to provide
feedback.
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9. People report
Based on conversations directly with individuals, or with line managers, it is clear that both staff
well-being and productivity is deteriorating, driven by increased levels of sickness absence, home-
schooling pressures and increased workloads. A well being survey will be conducted in the week
commencing 25 January.
An update was provided on the office renovation which commences in February. Staff have been
fully engaged in the re-design, via surveys and Q&A sessions. The designs will both increase
desk capacity to accommodate an increased workforce, and increase meeting and break-out
capacity, which, with improved audio-visual technology, will facilitate hybrid office and
homeworking patterns. This will be necessary as, even with the increased capacity, the office will
not be able to accommodate all staff. The Board enquired as to how this will be managed. Given
the complex, matrix structure in UKGI, it is not possible to dictate a working pattern, so this will
need to develop organically, with the risk that from time to time there may not be adequate space
for everyone that wants to use the office on a particular day.
The COO also noted that discussions are ongoing with the RemCo chair to consider how to
perform appraisals in such an unusual year. Board members were asked to contact the COO if
they had insights as to how other firms were dealing with this challenge, and examples of COVID-
overlay metrics being adopted.
10. Staff forums feedback
Clare Hollingsworth, the designated employee-engagement NED, gave some feedback on her
meetings with staff in each of the grade forums. Challenges noted included a sense of always
being on call, tiredness, and concerns around pay and progression fairness and opportunities.
Positive feedback was provided on the on-boarding process, the drive to be less bureaucratic,
and a general enthusiasm to get back into the office. The next forum will be with the BAME
network.
11. CFO report
The report was noted; the HMT sponsorship team has allocated additional resource to work on
the financial model for UKGI, to make is more responsive to demand, so that plans can be agreed
in good time for the SR. The Board approved the change to the bonus budget.
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Chair of the meeting
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