UKGI performs the shareholder role on behalf of BEIS in relation to HMLR. HMLR plays a key role in the UK’s economic stability, security and growth. Its registers and the guarantees afforded by them underpin £7 trillion in property assets across England and Wales, with £1-1.5 trillion in lending secured against it. The Land Register, a piece of Critical National Infrastructure, contains more than 26 million titles, providing financial and economic security across the UK.
UKGI provides strategic oversight of HMLR’s corporate governance and corporate performance, working closely with and reporting directly to BEIS senior officials and BEIS Ministers.
For example, last year UKGI was responsible for advising on the appointment of non-executive members to HMLR’s Board. In practical terms, this involved leading the recruitment campaign for new non-executive Board members, engaging closely with both HMLR and BEIS throughout the process and advising BEIS Ministers for a decision. This led to the appointment of two new independent non-executive directors who strengthen the Board in terms of experience and capabilities and providing support for management to execute HMLR’s business strategy.