nd
2 Floor, Oceanic House, 1A Cockspur Street, London, SW1Y 5BG Mandeep Dhillon
Correspondence Officer
E-mail: enquiries@ukfi.co.uk
www.ukfi.co.uk
11th November 2010
Mark Billing
By Email: Mark Billing [request-49730-8149a4ba@whatdotheyknow.com]
Dear Mr Billing,
I am responding on behalf of UK Financial Investments to your request for information under the terms of the
Freedom of Information Act 2000. You requested information, in the context of the recent sale of LFC/Kop Holdings
to NESV, on whether UKFI should seek the necessary risk assessments of any intended legal action against RBS
brought by Hicks/Gillette.
UKFI is Wholly Owned by the Government and our role is to manage the Governments Investments, not to manage
the banks.
UKFI’s ownership approach is as an active and engaged shareholder with our actions being guided by two key
documents in place between UKFI and HM Treasury.
Firstly, the Shareholder Relationship Framework Document sets out the objectives for UKFI and the framework
within which UKFI will pursue them. The Framework Document gives a clear mandate to UKFI to manage the
investments commercially with a view to achieving an exit. It also makes clear that UKFI will not intervene in the day-
to-day management decisions of the investee companies.
Secondly, the Investment Mandate describes: the scope of UKFI’s decision-making responsibilities with respect to its
management of the Investments in the Listed Investee Companies; and, the extent to which decision-making requires
the prior approval of HM Treasury before being taken or implemented.
Both the Shareholder Relationship Framework Document and the Investment Mandate are available on our website
at: http://www.ukfi.co.uk/publications/
If you have any questions about this letter, please contact me on the details provided above.
Yours sincerely,
Mandeep Dhillon
Correspondence Officer
UK Financial investments Ltd
UK Financial Investments Limited is a company incorporated in England and Wales with company number 06720891 and registered
address at 2 Lambs Passage, London EC1Y 8BB.