ae
UK Government
Investments
UK Government Investments Limited
27-28 Eastcastle Street, London W1W 8DH
Minutes of a meeting of the Board of Directors
Held in the Boardroom at 1 Victoria St, London
OFFICIAL-SENSITIVE
Draft
(the “Company”)
On 22 September 2021 at 13:00
Present:
Apologies:
In attendance:
Robert Swannell (in the Chair)
Charles Donald
Andrew Duff
Philip Duffy
Jitesh Gadhia
Jane Guyett (except for part of item 6)
Clare Hollingsworth
Robin Lawther
James Leigh-Pemberton
Caroline Thomson
Sarah Munby
Charles Roxburgh
Vindi Banga
David Barnett (item 7)
Emily Bunting (items 9 and 10)
Andy Butterworth (item 10)
Richard Callard (item 11)
Isabel Clancy
Tom Cooper (item 6)
Simran Dhillon
Sascha Eckert (item 9)
Lucie Lambert (until item 6)
Henry Lloyd (Item 11)
Tim Martin (item 9)
Nick Parker (item 6)
Anna Payton (item 12)
Robert Razzell
James Steer
Catherine Steptoe (item 12)
Susie Timlin (until item 8)
Holger Vieten (item 12)
Page 1
UKGI00045948
UKGI00045948
»
Ny
-
4
IM_0466:
li). ve ez I zzI 12 oz I ‘6rI ‘stI “cr ‘or I “sr I + ‘er “ar I I ‘or I 6 ‘3I I ‘9I
UKGI00045948
UKGI00045948
1. Declarations of interest and appointment of the chair
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.
IRRELEVANT
2. Minutes of the previous meeting
The minutes of the meeting of 15 July 2021 were approved.
3. Action log
No matters arising.
4. Risk update
The Board focused on the risks relating to PO!
} In respect of POL,
it was noted that action would be required to secure the retention of the CEO, and that certain
other key senior staff were departing or at risk. Whilst the interim payments to claimant sub-
postmasters are proceeding well, and negotiations with sub-postmasters are generally positive,
this was offset by the very slow progress on the Historic Shortfall Scheme, and the concerning
level of legal fees, which are forecast to exceed £120m. The Board asked for assurances that
the POL team is properly resourced; this was confirmed.
»
N
ie
4
IM_0466:
li. ve I ez I zz I 12] oz I ‘6rI ‘gtI “a1 ‘or I ‘sr ‘+ ] ‘erI “ar I tr ‘orI 6I ‘3 I ‘9
UKGI00045948
UKGI00045948
On the POL Inquiry, it was noted that it is running behind schedule, and that ministers would be
updating Parliament shortly on a revised schedule. The CEO will be meeting UKGI’s QC to
discuss the strategy for the Company's approach to the Inquiry; the Board members firmly agreed
it was the duty of the CEO and the Board to agree this strategy, even if this strategy were to
involve acknowledging historic issues in the approach taken by ShEx to governance.
Notwithstanding this, the Board felt it very important to fully support both current and former staff
who will be giving evidence, up to and including the cost of their representation. Engagement
with former staff continues. As a consequence, UKGI’s expected costs are relatively high, at
£1.6m. The Board asked for a detailed legal strategy to come to the next meeting, at which it will
be decided if an ad-hoc Board committee should be formed to oversee UKGI’s response to the
Inquiry.
Action: Legal strategy to be presented to November Board.
Action: Board to decide whether or not to establish a temporary sub-committee to oversee
UKGI's response to the Inquiry.
6. People report
7. Mental health update
Page 3
»
N
ie
4
IM_0466:
li. ve I ez I zz I 12] oz I ‘6rI ‘gtI “a1 ‘or I ‘sr ‘+r I ‘erI “ar I tr ‘orI 6I ‘3 I ‘9
UKGI00045948
UKGI00045948
m
IRRELEVANT -
UKGI00045948
UKGI00045948
IRRELEVANT
There being no other business, the meeting duly closed at 16.45.
Chair of the meeting
Page 5
IM_0466:
li. ve I ez I zz I 12] oz I ‘6rI ‘gtI “a1 ‘or I ‘sr “+r] ‘erI “ar I tr ‘orI 6I ‘3 I ‘9 ‘sI *I ‘I -zI I