Appointment details

Chief Executive Officer - UK Government Investments

Summary

• Organisation: UK Government Investments
• Sponsor department: HM Treasury
• Location: London
• Sectors: Business and Trade
• Skills: Business, Commercial
• Number of vacancies: 1
• Time commitment: 52 week(s) per annum
• Remuneration: £240,000 per annum
• Length of term: Permanent
• Application deadline: 4pm on 26 August 2025

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Timeline for this appointment

1. Opening date

   28 July 2025

2. Application deadline

   4pm on 26 August 2025

3. Sifting date

   26 September 2025

4. Interviews expected to end on

   17 October 2025

Timeline dates are only an estimate and can change

About the appointment

Introduction from the Chair

Thank you for your interest in the role of Chief Executive Officer at UK Government Investments (UKGI). This is an exciting and challenging time to lead UKGI as CEO and provides the successful candidate with a unique opportunity to make a meaningful contribution to the delivery of several key government priorities.

UKGI operates as a boutique advisory firm within government that provides wide-ranging corporate governance and corporate finance advice to government departments, in support of their most complex and commercial policy objectives. Following UKGI’s inception in 2016, demand for our specialist expertise within government has continued to rise.

Since becoming Chair of UKGI, I have been impressed by the notable talent in the organisation and their dedication to the delivery of a high-quality, expert service to government. UKGI attracts high-calibre people through its offer to corporate finance and governance professionals, largely drawn from the private sector (investment banking, accountancy, consultancy and law), the opportunity to contribute on issues of national importance.

In recent years the incumbent CEO has been responsible for:

• the significant expansion of UKGI’s activities during the pandemic including the establishment of the Covid Interventions Resolution Group which supported the Bank of England’s £85bn Covid Corporate Financing Facility;
• the additions of Atomic Weapons Establishment, BBC Commercial, Eutelsat, Octric, the National Wealth Fund, National Electricity Systems Operator, Network Rail, Reclaim Fund Limited, Sheffield Forgemasters and Sizewell C to UKGI’s governance portfolio;
• the reduction in HM Treasury’s shareholding in NatWest Group from 62% in 2020 to full exit in May 2025;
• and the set-up of the Contingent Liability Central Capability which has now become UKGI’s Financial Instruments and Transactions Advisory Group.

UKGI’s advice will continue to be indispensable in helping to deliver the government’s Plan for Change and in particular in support of the growth agenda. Not only will the new CEO lead the organisation in this mission, they will also provide advice on a personal basis at Permanent Secretary and Ministerial level on issues of national significance.

If you would be keen to dedicate your professional corporate finance and governance expertise and leadership abilities in support of public service, I look forward to hearing from you.

Vindi Banga – Chair, UK Government Investments

Appointment description

UKGI is seeking to appoint a Chief Executive Officer to replace the incumbent CEO who is due to stand down in Spring 2026. This is a unique opportunity to use your corporate finance and governance expertise in support of the government’s growth agenda.

Key Duties

As Accounting Officer, reporting to the Board and HMT, the CEO will:

• Be responsible for leading UKGI’s work at the highest levels of Whitehall ensuring UKGI is acting in support of government’s strategic priorities;
• Play a full role in the corporate management and leadership of UKGI as a member of the Board and head of the Senior Management Team;
• Provide effective leadership for UKGI, setting the appropriate tone and ensuring that UKGI’s values are clearly understood and espoused;
• Be accountable to the Board for the performance of UKGI;
• Ensure that UKGI is appropriately managed from a finance perspective and operates efficiently and effectively within its funding envelope;
• Act as representative and ambassador for UKGI across a range of stakeholders, including Whitehall,
• Parliament and the private sector, promoting the team’s capabilities;
• Respond to emerging critical issues as the first port of call, as well as acting as adviser to ministers and senior civil servants on a wide range of issues;
• Allocate and, at times, take responsibility for and drive forward strategic workstreams, often against tight timescales, whilst engaging multiple and often challenging stakeholders;
• Support the development of team members to ensure they fulfil their potential and increase their value to UKGI and wider government;
• Ensure that UKGI is adequately resourced and staffed and that training supports the changing nature of the UKGI role.

Organisation description

UK Government Investments (“UKGI”) is an independently managed, government company, wholly owned by HM Treasury (HMT). Established in 2016, UKGI brought together the functions of the Shareholder Executive and UK Financial Investments Ltd (UKFI) under a single holding company.

At UKGI we create value for society from government’s most complex commercial interests. We work closely with both the private and public sectors, advising and interacting with ministers, Whitehall departments. UKGI is accountable to Parliament via our Ministers.

What we do is unique, and so are we. Our team comprises c.150 experts who work together to provide corporate finance and corporate governance expertise to government departments in support of their policy objectives.

Working for UKGI provides a unique opportunity for talented individuals from the public and private sector to contribute to work of national importance. The work we do is significant in terms of long-term social, economic, and political impact.

Board composition

The Executive Committee (ExCo) is responsible for the day to day running of the Company. It comprises the CEO and senior management including the Chief Financial Officer, General Counsel and Chief Operating Officer. The Executive Committee meets fortnightly to discuss UKGI business. It reviews key management information documents regularly, or delegates onwards to the UKGI Operating Committee, which comprises the CEO, CFO, COO and one additional senior staff member.

Details of the current ExCo can be found at www.ukgi.org.uk/who-we-are/senior-team.

Details of the current Non-Executive Board Members can be found at www.ukgi.org.uk/who-we-are/our-board/.

Person specification

Essential criteria

• Substantial corporate finance experience, ideally in a leadership position, covering one or many of: mergers and acquisitions, capital raising, privatisations, nationalisation, divestment, restructuring, strategic planning;
• Working with, and building relationships and networks at, a senior level with HMG, for example on a major transaction or similar; alternatively experience in the Civil Service or on the board of an arm’s- length body, or similar;
• Experience of operating and influencing at board level with significant entities, or of working alongside such boards in a professional capacity; experience and knowledge of the key issues in board governance;
• Proven ability to lead a group of high calibre staff preferably in a professional services or similar context;

Desirable criteria

• Experience in leading teams or organisations in dealing with and working through uncertain and often fast paced situations whilst remaining calm and resilient;
• An affinity with UKGI’s values, with a sincere and authentic interest in promoting the importance of diversity, inclusion and mental health within the organisation.

Application and selection process

How to apply

UKGI is working with in partnership with Korn Ferry on this recruitment process.

Key Dates

The closing date for applications is 26th August at 16:00 UK time. Candidates may be invited to attend preliminary interviews with Korn Ferry during the search process. Any candidates that are required to attend will be notified as soon as possible. A shortlist meeting with the Assessment Panel will take place in September. The final interview process will take place in October. The aforementioned timelines may be subject to change.

How to Apply

In order to apply and your application be deemed complete, please submit all of the following:

• A comprehensive CV;
• A covering letter (no more than two pages) which sets out your interest in the role and encapsulates the aspects of your experience relevant to the criteria listed in the Person Specification. Please also include details of two referees (who would only be contacted with your express permission);
• Completion of the Diversity Information and Conflicts of Interest Form;

Please email these documents to: ApplicationsKF@kornferry.com

We are committed to ensuring everyone can access our website and application processes. This includes people with sight loss, hearing, mobility and cognitive impairments. Should you require access to these documents in alternative formats, or you are unable to apply online please contact –Leanne.Hill@kornferry.com

All applications will receive a response.

For a further conversation in confidence, please contact Peter.Guilder@kornferry.com

Overview of the application process

Applications will be sifted after the closing date against the criteria for the role. A selected number of candidates will be selected for preliminary interviews with the team at Korn Ferry. A shortlist meeting will then be held at which a reduced number of candidates will be selected for interview by the Panel in mid-October. Introductory conversations may be held before interview to provide you with an opportunity to learn more about the role and UKGI.

This appointment will be made by the Treasury Ministers based on the recommendation of the assessment panel (see below). Subject to the required approvals and clearances, the successful candidates will be required to take up their post within 6 months from their date of offer.

These dates are accurate at the time of writing but are subject to change, and the clearance process for these appointments can take longer than anticipated.

Advisory Assessment Panel (AAP)

The assessment panel members are:

• Vindi Banga – Chair, UK Government Investments

• Mahnaz Safa – UKGI Non-Executive Director

• Jim O’Neil – His Majesty’s Treasury Second Permanent Secretary 

• An Independent Panel Member to be confirmed at a later date.

Advisory Assessment Panels (AAP) are chosen by ministers to assist them in their decision-making. These include a departmental official and an independent member. For competitions recruiting non-executive members of a board (apart from the Chair), the panel will usually include a representative from the public body concerned.

AAP’s perform a number of functions, including agreeing an assessment strategy with ministers, undertaking sifting, carrying out interviews in line with the advertised criteria and deciding objectively who meets the published selection criteria for the role before recommending to ministers which candidates they find appointable. It is then for the minister to decide who to appoint to the role.

Eligibility criteria

In general, you should have the right to work in the UK to be eligible to apply for a public appointment.

There are a small number of specialist roles that are not open to non-British citizens. Any nationality requirements will be specified in the vacancy details.

The Government expects all holders of public office to work to the highest personal and professional standards. 

You cannot be considered for a public appointment if:

• you are disqualified from acting as a company director  (under the Company Directors Disqualification Act 1986);

• have an unspent conviction on your criminal record;

• your estate has been sequestrated in Scotland or you enter into a debt arrangement programme under Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17) as the debtor or have, under Scots law, granted a trust deed for creditors.

When you apply, you should declare if:

• you are, or have been, bankrupt or you have made an arrangement with a creditor at any point, including the dates of this. 

• you are subject to a current police investigation.

You must inform the sponsor department if, during the application process, your circumstances change in respect of any of the above points. 

When you apply you should also declare any relevant interests, highlighting any that you think may call into question your ability to properly discharge the responsibilities of the role you are applying for. You should also declare any other matters which may mean you may not be able to meet the requirements of the Code of Conduct of Board Members (see Outside interests and reputational issues section below)

Security clearance

The successful candidate will be expected to undergo security clearance to a minimum of SC level, and preferably to DV level.

Additional information for candidates

Equality and diversity

We encourage applications from talented individuals from all backgrounds and across the whole of the United Kingdom. Boards of public bodies are most effective when they reflect the diversity of views of the society they serve.

We collect data about applicants’ characteristics and backgrounds, including information about people’s educational and professional backgrounds, so that we can make sure we are attracting a broad range of people to these roles and that our selection processes are fair for everyone. Without this information, it makes it difficult to see if our outreach is working, if the application process is having an unfair impact on certain groups and whether changes are making a positive difference.

When you submit your application, your responses are collected by the Cabinet Office and the government department(s) managing your application. The data is used to produce management information about the diversity of applicants. You can select “prefer not to say” to any question you do not wish to answer. The information you provide will not be seen by the Advisory Assessment Panel who review applications against the advertised criteria and conduct interviews.

Disability confident

We are a member of the Government’s Disability Confident scheme. We use the Disability Confident scheme symbol, along with other like-minded employers, to show our commitment to good practice in employing people with a disability. The scheme helps recruit and retain disabled people. As part of implementing the scheme, we guarantee an interview for anyone with a disability whose application meets the essential criteria for the role, set out in the advert, and who has asked that their application is considered under the scheme. Indicating that you wish your application to be considered under the scheme will in no way prejudice your application. By ‘essential criteria', we mean that you must provide evidence which demonstrates that you meet the level of competence required under each of the essential criteria, as set out in the job-advert. When you apply you will have the opportunity to select if you would like your application considered under this scheme.

Reasonable adjustments

We are committed to making reasonable adjustments to make sure applicants with disabilities, physical or mental health conditions, or other needs are not substantially disadvantaged when applying for public appointments. This can include changing the recruitment process to enable people who wish to apply to do so.

Some examples of common changes are:

• ensuring that application forms are available in different or accessible formats;
• making adaptations to interview locations;
• allowing candidates to present their skills and experience in a different way;
• giving additional detailed information on the selection / interview process in advance to allow candidates time to prepare themselves;
• allowing support workers, for example sign language interpreters;
• making provision for support animals to attend.

When you apply you will have the opportunity to request reasonable adjustments to the application process.

Principles of public life

The Seven Principles of Public Life (also known as the Nolan Principles) apply to anyone who works as a public office-holder.

1. Selflessness

Holders of public office should act solely in terms of the public interest.

2. Integrity

Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work. They should not act or take decisions in order to gain financial or other material benefits for themselves, their family, or their friends. They must declare and resolve any interests and relationships.

3. Objectivity

Holders of public office must act and take decisions impartially, fairly and on merit, using the best evidence and without discrimination or bias.

4. Accountability

Holders of public office are accountable to the public for their decisions and actions and must submit themselves to the scrutiny necessary to ensure this.

5. Openness

Holders of public office should act and take decisions in an open and transparent manner. Information should not be withheld from the public unless there are clear and lawful reasons for so doing.

6. Honesty

Holders of public office should be truthful.

7. Leadership

Holders of public office should exhibit these principles in their own behaviour and treat others with respect. They should actively promote and robustly support the principles and challenge poor behaviour wherever it occurs.

Code of conduct for board members

The Government expects all holders of public office to work to the highest personal and professional standards. In support of this, all non-executive board members of UK public bodies must abide by the principles set out in the Code of Conduct for Board Members of Public Bodies. The Code sets out the standards expected from those who serve on the boards of UK public bodies and will form part of your terms and conditions of appointment.

Management of outside interests and consideration of reputational issues

Holders of public office are expected to adhere and uphold the Seven Principles of Public Life and the Code of Conduct for Board Members of Public Bodies. Before you apply you should consider carefully: 

• any outside interests that you may have, such as shares you may hold in a company providing services to government; 
• any possible reputational issues arising from your past actions or public statements that you have made; 
• and/or - any political roles you hold or political campaigns you have supported; 

which may call into question your ability to do the role you are applying for.

You will need to answer relevant questions in relation to these points when making an application. Many conflicts of interest can be satisfactorily resolved and declaring a potential conflict does not prevent you from being interviewed. If you are shortlisted for an interview, the panel will discuss any potential conflicts with you during that interview, including any proposals you may have to mitigate them and record that in their advice to ministers. Alongside your own declaration, we will conduct appropriate checks, as part of which we will consider anything in the public domain related to your conduct or professional capacity. This may include searches of previous public statements and social media, blogs or any other publicly available information. The successful candidate(s) may be required to give up any conflicting interests and their other business and financial interests may be published in line with organisational policies. 

Details of declared political activity will be published when the appointment is announced, as required by the Governance Code (political activity is not a bar to appointment, but must be declared).

Remuneration, allowances and abatement

You will be paid a salary in the range of £240,000. Additionally, you may receive up to 20% of Performance Related Pay, 5% pension contribution and 25 days annual leave (increasing by one day per year up to 30 days).

Application feedback

We will notify you of the status of your application. We regret that we are only able to offer detailed feedback to candidates who have been unsuccessful at the interview stage.

How to complain

We aim to process all applications as quickly as possible and to treat all applicants with courtesy.

Please contact the Korn Ferry in the first instance if you would like to make a complaint regarding your application at leanne.hill@kornferry.com. They will acknowledge your complaint upon receipt and respond within 15 working days.

Data protection

The Cabinet Office will use your data in line with our privacy policy.

Korn Ferry's privacy notice is available at https://www.kornferry.com/privacy

Privacy notices for HMT and UKGI are attached to this advert.

Contact details

For further information about the role please contact: leanne.hill@kornferry.com

Attachments

• Candidate Pack

• Diversity information and conflicts of interest form

• UKGI privacy notice

• HMT privacy notice