The British Private Equity and Venture Capital Association has announced the membership of the new monitoring body established in response to Sir David Walker’s recommendations on increasi
The British Private Equity and Venture Capital Association has announced the membership of the new monitoring body established in response to Sir David Walker’s recommendations on increasing transparency and disclosure by the private equity industry.
Alan Thomson, former group finance director of Smiths Group, and Jeannie Drake, retiring deputy general secretary of the Communication Workers Union, have been appointed as independent members of the group, while Robert Easton, a managing director at the Carlyle Group, and David Blitzer, senior managing director at Blackstone Group, will represent the private equity industry.
The Guidelines Monitoring Group is chaired by Sir Mike Rake, chairman of BT Group and a member of the advisory group that worked with Sir David on the guidelines. The composition of two industry representatives, two independents, and an independent chairman is designed to give the independent members a majority.
The BVCA member firms that have signed up to the guidelines are 3i Group, AAC Capital Partners, Advent International, Apax Partners, Bain Capital, BC Partners, Blackstone Group International, Bridgepoint, Candover, Carlyle Group, CCMP, Charterhouse Capital Partners, Cinven, Clayton Dubilier & Rice, Close Brothers Private Equity, CVC Capital Partners, Doughty Hanson, Duke Street Capital, KKR, Montagu Private Equity, Permira Advisers, Providence Equity, Terra Firma Capital Partners, TPG Capital and Warburg Pincus.
‘I am delighted to have such a strong team to work with on the monitoring group,’ Sir Mike says. ‘It recognises the breadth of community and public interest in private equity and an enhanced degree of openness in its operations. At the same time its membership reflects an applied and experienced commercial focus. The monitoring group has an important role and we look forward to getting down to work.’
BVCA chief executive Simon Walker adds: ‘The private equity industry acknowledges that it is more likely to prosper if its economic contribution is publicly recognised and its investments do not cause suspicion or alarm in the wider community.
‘This announcement responds to the recommendations of a broad range of industry stakeholders, including the Treasury Select Committee and its ongoing inquiry into private equity. We take self-regulation seriously. and this is reflected in the strong commitment the leading firms are showing to this process.’
The monitoring group will meet for the first time in March, when it will set out its scope of operations and remit, and is then expected to meet four times a year.
