Grimstone, Gerry - Minister for Investment with the Department for International Trade and Department for Business, Energy and Industrial Strategy - ACOBA Advice
Advice to Lord Grimstone of Boscobel, former Minister for Investment with the Department for International Trade and Department for Business, Energy and Industrial Strategy, on business appointments after leaving Crown service.
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Details
Lord Grimstone left his role with the Department for International Trade and Department for Business, Energy and Industrial Strategy in July 2022.
Expert Witness
Lord Grimstone sought the Committee’s advice on providing expert witness evidence for a law firm as part of an ongoing tribunal. The Committee’s advice will be published when the proceedings have been made public.
Chairman, Gemcorp Capital Management Limited
Lord Grimstone sought the Committee’s advice about taking up a role with Gemcorp. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in November 2023; and the appointment was taken up later that month. An accessible version of the letter is available here.
Member of the Investment Advisory Council of the Supreme National Investment Committee of the Kingdom of Saudi Arabia.
Lord Grimstone sought the Committee’s advice about taking up a role with the Investment Advisory Council of the Supreme National Investment Committee of the Kingdom of Saudi Arabia. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in October 2023; and the appointment was taken up later that month. An accessible version of the letter is available here.
Advisor, Bain & Company
Lord Grimstone sought the Committee’s advice about taking up a role with Bain & Company. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in September 2023; and the appointment was taken up later that month. An accessible version of the letter is available here.
Advisor and Chair of the Climate Fund, Investcorp Holdings
Lord Grimstone sought the Committee’s advice about taking up a role with Investcorp Holdings. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in August 2023; and the appointment was taken up later month. An accessible version of the letter is available here.
Independent Advisory Board Member, FinTech Growth Fund
Lord Grimstone sought the Committee’s advice about taking up a role with FinTech Growth Fund. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in December 2022; and the appointment was taken up in June 2023. An accessible version of the letter is available here.
International Advisory Board Member (for the Economic Development Board of the Kingdom of Bahrain), Equilibrium Global
Lord Grimstone sought the Committee’s advice about taking up a role with Equilibrium Global. The letter containing the Committee’s consideration and the conditions imposed on the appointment was sent in November 2022 and the appointment was taken up in January 2023. An accessible version of the letter is available here.
Amendment to Lord Grimstone’s role with Equilibrium Global
Lord Grimstone informed the Committee of a potential update to his role in June 2023. The appointment took effect from July 2023. He wished to join the Board of Equilibrium Gulf - which administers the contract with the Bahrain Economic Development Board and operates as the secretariat function for the members of the International Advisory Board (IAB) - of which he is currently a member. His role will be internal to the same company to advise on how to ensure the company runs smoothly (governance). The Committee considered the update to this role, which remains internal to Equilibrium, did not change its assessment of the risks under the government’s Business Appointment Rules. The conditions already imposed on this appointment remain appropriate.
To note: Equilibrium Gulf was set up for its contract in Bahrain. It does no other business and advising the Bahrain Economic Development Board is the only contract/ work it has. Equilibrium Global was subsequently set up as a company to allow its name to reflect any future global operations and its Chairman, General Sir Nick Carter, has informed the Committee these organisations are essentially interchangeable.
Updates to this page
Last updated 27 September 2023 + show all updates
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Amendment to Lord Grimstone's role with Equilibrium Global added.
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Appointment with Bain & Company added.
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Appointment with Investcorp added.
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Appointment with FinTech Growth Fund added.
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First published.