Nigel Boardman: from GQ list to chairing Greensill lobbying inquiry
April 14, 2021, 10:11 am

Nigel Boardman: from GQ list to chairing Greensill lobbying inquiry

Boardman was a partner at a law firm that is deeply connected to the loan scheme David Cameron sought to access.

Corporate lawyer is supremely qualified, say friends, but his close connections are set to be scrutinised

The corporate lawyer chosen to chair the inquiry into the Greensill lobbying scandal was once named one of GQ’s most connected men in Britain – but his close connections in the world of finance and politics are set to come under scrutiny.

Nigel Boardman was a long-term partner at the international law firm Slaughter and May, a role he left in 2019, though he continues to be a senior consultant at the firm. Slaughter and May is deeply connected to the coronavirus loan scheme that David Cameron sought to access on behalf of Greensill Capital – repeatedly texting the chancellor, Rishi Sunak, on its behalf.

Lawyers from the firm were “working as an integrated team with Treasury legal advisers” as the Treasury set up the Covid corporate financing facility (CCFF), announced by Sunak on 17 March 2020, according to a release on the firm’s website.

The loans, operated by the Bank of England on behalf of the Treasury, provide lending to large companies that had investment-grade credit ratings before the Covid pandemic.

The firm is also well connected with regulation of ex-ministers’ business interests. Sarah de Gay, Boardman’s senior colleague at Slaughter and May, the firm’s special adviser on regulatory matters, has recently been appointed to the government’s Advisory Committee on Business Appointments.

That body advises former ministers and senior civil servants on whether and how they can take up appointments after their time in government, intended to prevent immoral use of former contacts but regularly criticised by transparency campaigners for being in effect toothless.

Slaughter and May previously made a joint submission with other law firms, approved by De Gay, that challenged the Cameron administration when the then prime minister proposed to change lobbying rules. It suggested that adopting a blanket statutory register of lobbyists “may have the effect of stifling productive, even essential, dialogue”.

Friends of Boardman described him as “the most eminent banking lawyer of his generation” and said he was supremely qualified to understand the intricacies of Greensill’s offer and the world of lobbying that Cameron inhabited after resigning as prime minister in 2016.

One senior lawyer said there was some surprise in legal circles that Boardman took the role given the review’s limited terms of reference, though No 10 has said he will be given relatively free rein to recommend changes to lobbying rules and can examine government documents. He will have no legal power to compel anyone to give evidence, however.

Another senior lawyer said Boardman would not be a government puppet but added that, given his commercial experience, “all his instincts will be to defend financial institutions”.

Boardman previously led a Cabinet Office review into the procurement process of Covid contracts early in the pandemic.

Jolyon Maugham QC, the director of the Good Law Project, which has investigated and launched legal action over government Covid contracts, said: “Nigel Boardman is a man with an impressive reputation who can be relied upon to tell the truth even if that truth emerges in so coded a form that few outside the establishment will understand it. But I do have real concerns about the issues he will be asked to look at – and the stones he will be told to leave unturned.”

Son of the former Conservative cabinet minister Lord Boardman, the inquiry’s head has said he will step back as a non-executive director at the Department for Business, Energy and Industrial Strategy.

Labour said Boardman’s firm and its close connections with government raised questions over the inquiry’s impartiality. The shadow chancellor, Anneliese Dodds, said: “The man investigating why the chancellor pushed his team to give Greensill Capital access to the CCFF works for the law firm that advised the Treasury on the CCFF.

“This investigation has all the hallmarks of a Conservative cover-up, which is why Labour will force a vote in the House of Commons tomorrow to establish a full, transparent, parliament-run inquiry into the Greensill scandal.”

Boardman has been approached for comment.

A Cabinet Office spokesperson said: “Nigel Boardman is a distinguished legal expert and he was asked to lead this review following the appropriate due diligence checks. The review will examine the facts thoroughly.”

source: Jessica Elgot

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.