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HM Treasury News Release
207/99
7 December 1999
CHAIRMAN DESIGNATE FOR PARTNERSHIPS UK
Derek Higgs is to be Chairman Designate of Partnerships (PUK), Andrew
Smith, Chief Secretary to the Treasury announced today. Adrian Montague
will be Deputy Chairman Designate.
PUK will be a company with a majority of its shares held in the
private sector. The appointment of a Chairman and Deputy Chairman
will be a matter for its shareholders. These shareholders are expected
to be in place in Spring 2000. The Chairman Designate and Deputy Chairman
Designate will participate in the precess of establishing PUK.
Speaking at a conference in London, Andrew Smith said:
"Derek and Adrian are a strong and complementary team. Derek is
highly respected in the City and in the wider business community.
Adrian has led the Treasury Taskforce with distinction and is highly
regarded in the public sector."
NOTES FOR EDITORS
Partnerships UK (PUK) was announced on 22 July 1999 by the then Chief
Secretary to the Treasury, Alan Milburn. PUK will be a private sector
body to help the public sector get the best deals from the Private
Finance Initiative (PFI) and other forms of public-private partnerships
(PPP).
Derek Higgs, 55, is a Director of Prudential plc and chairman of Prudential
Portfolio Managers. Prior to joining the Prudential in 1996, Derek
Higgs spent 24 years with the SG Warburg Group including nine years
on the parent company board and was Chairman of SG Warburg & Co Ltd,
the banking and corporate finance arm of the Group. He is currently
Chairman of Business in the Environment, Deputy Chairman of the Fund
Managers Association, a Trustee of the Architecture Foundation and
a Non-Executive Director of Jones Lang LaSalle Incorporated and of
London Regional Transport.
Adrian Montague, 51, joined the Treasury in 1997 from Kleinwort
Benson to establish and lead the Treasury Taskforce which has provided
advice to public sector bodies on PFI and PPPs. Before joining HM
Treasury, Adrian Montague was the Co Head of Global Projects Finance
at Dresdner Kleinwort Benson and a member of the Executive committee
of Kleinwort Benson Ltd. He joined Kleinwort Benson on 1994 from Linklaters
and Paines where he founded and headed the firms's project finance
group.
The Chairman Designate and Deputy Chairman Designate will receive
no remuneration in relation to these responsibilities until such time
as PUK shareholders elect a Chairman and award a contract to a Deputy
Chairman. Adrian Montague will continue to be paid for his existing
responsibilities as Chief Executive of Treasury Taskforce. His salary
is unchanged at £160,000.
In order to allow Adrian Montague to concentrate on the development
of PUK, Michael Gerrard has been appointed Head of the Projects Team
and will take on some of the responsibilities to oversee Treasury
Taskforce business. Michael Gerrard, 42, is a current member of the
existing Treasury Taskforce.
A Chief Executive of PUK will be appointed in due course.
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