PRESS RELEASE : Appointments to the Board of the UK Infrastructure Bank [December 2023]

The press release issued by HM Treasury on 14 December 2023.

HM Treasury has confirmed the appointments today.

HM Treasury has today (14 December) confirmed that Chris Grigg CBE has been reappointed as chair of the UK Infrastructure Bank (UKIB) for a further 3 years from 3 May 2024 and Muriel Dube has been appointed to the Board at UKIB as non-executive director for 4 years from 14 December 2023. Ms Dube will also take over as chair of the Remuneration Committee in due course following a handover period. The current interim chair, Tania Songini, will continue in the role on an interim basis until Ms Dube takes on the role.

The bank is a vital part of the government’s commitment to supporting private investment in UK infrastructure. High quality infrastructure is crucial for economic growth, achieving net zero and levelling up regions across the UK. Private investment in infrastructure is critical to these goals, and the bank’s remit of crowding-in private finance is an important tool to help secure that investment.

Chris Grigg CBE was the chief executive officer of British Land, a real estate development and investment company, for 11 years until November 2020. Previously, Mr Grigg was chief executive of Barclays Commercial Bank and a partner at Goldman Sachs. He has served on the Board of BAE Systems since 2013 – where he is currently the senior independent director – and is on the corporate board of Cancer Research UK.

As chair since 2021, Mr Grigg has overseen the scale-up of the bank through a critical stage in its lifetime. Mr Grigg’s experience and stewardship as chair continues to be vital in supporting it to become a mature and established organisation.

Muriel Dube is a former investment banker at Investec Plc and has over two decades executive and non-executive director experience. Before this, she served as a director in the Department of Environmental Affairs and Tourism (South Africa), as chief negotiator for the South African Government in major international climate negotiations and as the Africa representative on the United Nations Expert Group on Technology Transfer. Alongside serving on the board at UKIB, Ms Dube also currently serves as a director on the boards at Control Risks, Sasol Group Ltd, PG Group and Bravo Group.

Gareth Davies MP, Exchequer Secretary to the Treasury said:

“I congratulate Chris Grigg CBE and Muriel Dube on their appointments to the board of the UK Infrastructure Bank. The government-owned bank plays a critical role in the government’s commitment to support private investment in the country’s infrastructure and deliver our ambitions for net zero and economic growth across all parts of the UK. An effective board is critical to the success of the bank and I am confident that Chris and Muriel will support the continued success of the bank.”

Chris Grigg CBE said:

“I am delighted to be reappointed chair of the UK Infrastructure Bank. The bank has made remarkable progress since it was set up, in its mission to boost regional and local economic growth and to help tackle climate change. We have become an organisation which can both commit capital and help provide solutions to the big challenges ahead. Of course, much remains to be done. I look forward to helping deliver on the bank’s mission at a critical time for the UK.

“I am likewise very pleased to see the appointment of Muriel Dube to the UKIB board. Muriel brings a wealth of global experience and a new perspective. Her support for the bank will be invaluable as it seeks to deliver against its mission.”

Muriel Dube said:

“It is a huge privilege to accept this role with the UK Infrastructure Bank. The bank’s mission to deliver economic growth across the UK and tackle climate change is vital and compelling, and I am excited to take this opportunity to support the bank to deliver.”

About the Appointment Process:

Chris Grigg CBE has been reappointed for a further 3-year term following the provisions of his original appointment, having met required performance standards and with the agreement of ministers. The chair role is a non-executive part-time position.

Mr Grigg has confirmed that he has not undertaken any political activity within the previous five years including donating to, or canvassing on behalf of, any political party.

Muriel Dube was appointed following a fair and open competition after the role was advertised on the Cabinet Office Public Appointments website between 25 April and 18 May. An advisory assessment panel chaired by Chris Grigg (Chair, UKIB) and also consisting of Tim Jarvis (Director of Companies and Economic Security, HM Treasury) and Robin Lawther (multiple non-executive director positions, independent panel member) interviewed a number of candidates and made recommendations to the Economic Secretary to the Treasury, which informed the selection decision.

Ms Dube has confirmed that she has not undertaken any political activity within the previous five years including donating to, or canvassing on behalf of, any political party.