UKGI manages BEIS’s 100% shareholding in the NNL, including providing a UKGI Shareholder NED to represent BEIS as shareholder on the NNL Board. Shareholder priorities are set out at least annually in a letter to the NNL Chair, as well as being reflected in NNL’s business plan and Key Performance Indicators. We also monitor performance against business plan and financial performance closely, and provide formal reporting on NNL’s performance to BEIS.
We are able to flex our level of engagement if needed, in order to deliver shareholder intervention which is proportionate to the circumstance. For example, during the early stages of the pandemic, owing to the increased uncertainty around impact on the business and operations, engagement between UKGI and NNL increased significantly, with UKGI working with BEIS to put in place contingency arrangements to allow NNL to access additional funding if required.
Environmental Sustainability is a key focus for NNL and UKGI is involved in active discussions, alongside NNL’s executive team, on developing NNL’s enhanced environmental strategy and approach. NNL have also accepted UKGI’s invitation to participate in a cross-Whitehall group to share best practice with other UKGI assets.
We work with NNL to continually seek improvement and evolution of NNL’s governance to reflect best practice, and delivered a full refresh of NNL’s constitutional and governance documents. These include updated articles of association and board terms of reference, as well as a new ‘Framework Document’ setting out the roles and accountabilities of NNL, including how NNL meets the standards outlined in Managing Public Money.