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Shareholder news

date: 21 October 2014

easyJet board

michael_rake375x222

Sir Michael Rake
Non-executive chairman

Date of easyJet appointment:
1 June 2009

 

Official resumé:*
Michael (1948) was appointed Deputy Chairman on 1 June 2009. He is Chairman of BT Group plc, The UK Commission for Employment and Skills, as well as a director of Barclays PLC, McGraw Hill Inc and the Financial Reporting Council. He is also chairman of the private equity oversight group the Guidelines Monitoring Committee. He is a member of the National Security Forum.

From May 2002 to September 2007 Sir Michael Rake was Chairman of KPMG International. Prior to his appointment as Chairman of KPMG International he was Chairman of KPMG in Europe and Senior Partner of KPMG in the UK.

He joined KPMG in 1974 and worked in Continental Europe before transferring to the Middle East to run the practice for three years in 1986. He transferred to London in 1989, became a member of the UK Board in 1991, had a number of leadership roles in the UK before being elected UK Senior Partner in 1998.

Mike is also a Vice President of the RNIB, a member of the Board of the TransAtlantic Business Dialogue, a member of the CBI International Advisory Board, the DTI’s US/UK Regulatory Taskforce, the Advisory Council for Business for New Europe, an Association Member of BUPA, The School of Oriental and African Studies Advisory Board, Senior Adviser for Chatham House and the Global Advisory Board of the Oxford University Centre for Corporate Reputation. Mike was Chairman of Business in the Community from 2004-2007 and a member of the board of the Prince of Wales International Business Leaders Forum from 1998 to 2007.

Mike is also a Governor of Wellington College and a board member of Guards Polo Club.

Other current directorships:

  • BT Group PLC
  • The Financial Reporting Council Limited
  • UK Commission for Employment and Skills
  • Barclays Bank PLC
  • Barclays PLC
  • MDVR Services Limited

 

Historic directorships:

  • Guards Polo Club Holdings Limited (resigned 24 April 2010)


*Official resumé as posted at easyJet.com, June 2010

Further coverage:

Date Item
24.08.2010 The Wall Street Journal on easyJet changing PR firms
31.07.2010 FT.com: Chukka and haka
The Guards Polo Club - now bereft of BT and EasyJet chairman Sir Mike Rake, who has stepped down from the board due to his heavy workload - hosted the annual Cartier International cup day at Windsor Great Park.
17.07.2010 The Telegraph: BT and C&W face revolt on top pay
Telecommunication groups BT and Cable & Wireless are both likely to face investor rebellion over their executive remuneration packages at their annual meetings this week. Investor groups Pirc and the Association of British Insurers have issued alerts over C&W's executive payments, with Pirc expressing concern at the presence of chairman Sir Richard Lapthorne on the remuneration committee. The ABI also issued an "amber alert" on BT and warned members to think carefully before approving directors' pay packages which include a 1.2 million pound bonus for chief executive Ian Livingston.
14.07.2010 FT.com: BT's pension liability may hit £22.8bn
Taxpayers could be on the hook for between £7.3bn and £22.8bn ($11.1bn-$34.6bn) if BT were to become insolvent and its pension scheme terminated, according to written papers submitted to the High Court on Tuesday.
11.07.2010 Mail On Sunday: Pension trustees take BT to court
BT, the telecommunications company, is being taken to court by its pension scheme trustees in a case that will determine how much of BT’s pensions liabilities will be guaranteed by the State. BT has a pension deficit of 7.4 billion pounds and has in place a 17-year plan to pay it off. The company will make an emergency payment of 525 million pounds this year, rising to 856 million pounds by 2025. However, the Pensions Regulator has yet to approve the plan after it flagged up ‘substantial concerns’ over the deal in the spring.
06.07.2010

The Times
easyJet chairman Sir Michael Rake has purchased 3,100 shares in the airline, doubling his stake, ahead of what is anticipated to be an 'uncomfortable meeting' with founder Sir Stelios Haji-Ioannou. Sir Michael's stake is now 0.001 per cent of the business, compared to Sir Stelios's 26 per cent share.

05.07.2010

Daily Mail : BT's own goal
BT was accused of scoring a ' spectacular own goal' by handing pay rises to its top executives, while trying to impose a more modest deal on call centre staff and engineers... read more>>

05.07.2010

FT.com: BT
A company that can get rid of 35,000 jobs without hurting its business is a company that is too fat. BT has cut that number over the last two years and regained investor confidence in the process: last year the company returned to profit even as revenues fell. But sometimes, negative consequences are simply delayed. BT's unionised workers were set to vote on Monday over whether to launch the company's first strike in more than 20 years... read more>>