Mervyn Davies, Baron Davies of Abersoch

{{Infobox officeholder

|honorific-prefix = The Right Honourable

|name = The Lord Davies of Abersoch

|honorific-suffix = CBE

|image=Mervyn Davies, Baron Davies of Abersoch in 2021.jpg

| office =Minister of State for Trade, Investment and Business

| primeminister = Gordon Brown

| predecessor = Gareth Thomas

| successor = Mark Prisk

| term_start = 14 January 2009

| term_end = 11 May 2010

|office12 = Member of the House of Lords
Lord Temporal

|term_start12 = 2 February 2009
Life Peerage

|term_end12 =

| birth_name = Evan Mervyn Davies

| birth_date = {{Birth date and age|df=y|21 November 1952}}

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| nationality = British

| party = None (non-affiliated)

| otherparty = Labour (former)

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Evan Mervyn Davies, Baron Davies of Abersoch, {{post-nominals|country=GBR|size=100%|CBE}} (born 21 November 1952) is a British former banker and was a Labour government minister until May 2010, as Minister of State for Trade, Investment and Small Business. Davies remains a UK government Trade Envoy for Sri Lanka.

He is currently non-executive chairman of L1 Holdings, a senior advisor to Teneo,{{cite web|title=Teneo Holdings – leadership|url=https://www.teneoholdings.com/leadership|accessdate=13 June 2018}} chairman of the LTA,{{Cite web|title=What We Do: Meet The LTA Board|url=https://www.lta.org.uk/about-us/what-we-do/governance-and-structure/the-board/|access-date=2020-10-10|website=www.lta.org.uk}} and an honorary professor at Cardiff Business School.{{Cite web|last=|first=|title=Lord Mervyn Davies of Abersoch Honorary Distinguished Professor Cardiff Business|url=https://www.cardiff.ac.uk/people/view/1729616-davies-of-abersoch-mervyn|access-date=2020-10-10|website=Cardiff University|language=en}} He is also on the World Rugby Executive Committee,{{Cite web |last= |title=World Rugby Council elects Jonathan Webb to the Executive Committee {{!}} World Rugby |url=https://www.world.rugby/news/636462?lang=en |access-date=2023-07-07 |website=www.world.rugby}} and chair of the Glyndebourne opera festival.{{Cite web |last=Seymour |first=Claire |date=2021-10-22 |title=Sarah Hopwood, Managing Director at Glyndebourne, to retire in autumn 2022 |url=https://operatoday.com/2021/10/sarah-hopwood-managing-director-at-glyndebourne-to-retire-in-autumn-2022/ |access-date=2023-07-07 |website=Opera Today |language=en-US}}

Early life

Davies was born on 21 November 1952. He was educated at Rydal Penrhos in North Wales.{{cite web|title=DAVIES OF ABERSOCH, Baron|url=http://www.ukwhoswho.com/view/article/oupww/whoswho/U42667|website=Who's Who 2017|publisher=Oxford University Press|accessdate=6 October 2017}}

Career

Davies started his career in banking at Midland Bank where his father was a bank manager, before moving to Citibank where is worked for 10 years, and then to Standard Chartered in 1993.{{Cite web|date=2009-01-14|title=Profile: trade minister Mervyn Davies|url=http://www.theguardian.com/politics/2009/jan/14/economy-economics|access-date=2020-10-09|website=the Guardian|language=en}} Davies was Chairman of Standard Chartered PLC between November 2006 and January 2009, having been Chief executive between 2001 and 2006 and a director since 1997.{{cite web|url=http://www.standardchartered.com/media-centre/press-releases/2009/documents/20090114/index.html |title=News & Media – Standard Chartered Bank |publisher=Standardchartered.com |accessdate=23 July 2017}}

Since 2010, Davies has held executive roles on the board of Corsair Capital LLC, a private equity investor, where he was the chairman and a partner.{{cite web|url=http://www.ft.com/cms/s/0/a5ef2a02-a53f-11df-b734-00144feabdc0.html |title=Davies joins US private equity group Corsair |website=Financial Times |accessdate=23 July 2017}} Chairman until 2022,{{Cite news |last=Nimmo |first=Jamie |date=2023-07-07 |title=Outcry as Lord Barker aims for key role in EN+ split |language=en |url=https://www.thetimes.com/business-money/article/outcry-as-lord-barker-clings-to-top-role-in-en-split-d83mgjpxr |access-date=2023-07-07 |issn=0140-0460}} he remains a senior advisor.{{Cite web |title=Corsair |url=https://corsair-capital.com/team/mervyn-davies/ |access-date=2023-07-07 |website=corsair-capital.com}} Davies also spent 10 years as a non-executive director at Diageo,{{Cite web |date=2019-10-02 |title=ICG names new chairman |url=https://www.globalcapital.com/securitization/article/28mtz1g9c1w5p63ni5zb4/levfin-people-and-markets/icg-names-new-chairman |access-date=2023-07-07 |website=GlobalCapital Securitization |language=en}} serving as senior director and chair of the company's remuneration committee during that time.{{Cite web |date=2020-04-24 |title=Diageo Announces Changes To Its Board Of Directors |url=https://www.hospitalityireland.com/drinks/diageo-announces-changes-board-directors-96650 |access-date=2023-07-07 |website=Hospitality Ireland |language=en}} He was named the chairman of Intermediate Capital Group (ICG) in 2019 and NESsT in 2021.{{Cite web |date=2021-05-05 |title=Meet NESsT's New Board Chair: Lord Mervyn Davies |url=https://www.nesst.org/nesst/2021/5/4/meet-nessts-new-board-chair-lord-mervyn-davies |access-date=2023-07-07 |website=NESsT |language=en-US}}

From 2014, he was chairman of Jack Wills, a fashion business.{{cite news|title=Jack Wills to hire former trade minister Lord Davies as chairman|url=http://www.retail-week.com/sectors/fashion/jack-wills-to-hire-former-trade-minister-lord-davies-as-chairman/5058299.article|publisher=RetailWeek |accessdate=23 July 2017}} In August 2016 Sky News reported that Davies was to stand down as Jack Wills was taken over in a private equity transaction involving Bluegem taking a minority stake in the company following reported losses.{{cite web|url=http://news.sky.com/story/jack-wills-stake-sale-triggers-ex-trade-ministers-exit-10542270?dcmp=snt-sf-twitter |title=Jack Wills Stake Sale Triggers Ex-Trade Minister's Exit |publisher=Sky News |accessdate=23 July 2017}}

In November 2013, Davies became chairman of the Garden Bridge Trust, planning a bridge over the Thames in London, just 200m from Waterloo Bridge.{{cite news|url=https://www.independent.co.uk/news/uk/home-news/the-hanging-garden-of-london-funding-drive-begins-for-uks-first-floating-paradise-bridge-8918472.html |archive-url=https://ghostarchive.org/archive/20220512/https://www.independent.co.uk/news/uk/home-news/the-hanging-garden-of-london-funding-drive-begins-for-uks-first-floating-paradise-bridge-8918472.html |archive-date=12 May 2022 |url-access=subscription |url-status=live|title=The hanging garden of London: funding drive begins for UK's first 'floating paradise' bridge |date=1 November 2013|work=The Independent|accessdate=2 November 2013}} The bridge was intended to be built largely from privately donated funds, but on 26 July 2016 the BBC reported that Davies had approached the Secretary of State for Transport seeking an extension of a £15m government underwriting commitment until September 2017. £37.7m had been spent on preliminary works, but construction of the bridge had not started and was being delayed until the autumn of 2016.{{cite web|url=https://www.bbc.co.uk/news/uk-36890524 |title=Will London's Garden Bridge ever be built? – BBC News |publisher=BBC |date=26 July 2016 |accessdate=23 July 2017}} However, the project was subsequently further delayed, and construction of the bridge did not start in 2016. In January 2017 the Garden Bridge Trust lodged its accounts with Companies House but was unable to classify itself as a going concern, due to uncertainties about the funding and planning permissions needed for the bridge. Davies insisted that the Garden Bridge Trust expected to start construction "in 2017",{{cite web|url=https://www.gardenbridge.london/news/article/report-and-accounts|archive-url=https://web.archive.org/web/20170323053334/https://www.gardenbridge.london/news/article/report-and-accounts|url-status=usurped|archive-date=23 March 2017|title=Report and Accounts : 11 January 2017, GBT|website=Gardebbridge.london|accessdate=23 July 2017}} but the project was scrapped in August of that year,{{cite news |url=https://www.theguardian.com/uk-news/2017/aug/14/london-garden-bridge-project-scrapped-sadiq-khan |title=London garden bridge project scrapped |newspaper=The Guardian |date=14 August 2017 |accessdate=14 August 2017}} having spent taxpayers' funds of £50m.{{Cite web |title=Wasted Garden Bridge Cash Could Have Bought Over 2,000 Police Officers |url=https://www.lbc.co.uk/hot-topics/garden-bridge/garden-bridge-project-killed-off-by-sadiq-khan/ |access-date=2024-02-20 |website=LBC |language=en}}

In May 2015 Davies was appointed deputy chairman of the LetterOne Group, an investment business in the energy, technology and telecom sectors.{{cite web|title=Lord Davies appointed Deputy Chairman of the LetterOne Group|url=http://www.letterone.com/media/news/2015/lord-davies-appointed-deputy-chairman-of-the-letterone-group|website=LetterOne}} He became the non-executive chairman of the board of directors of both L1 Holdings and L1 Investment Holdings.{{cite web| url = http://www.letterone.com/about-us/leadership-and-governance/board-members/lord-davies-of-abersoch| url-status = dead| archive-url = https://web.archive.org/web/20151029211807/http://www.letterone.com/about-us/leadership-and-governance/board-members/lord-davies-of-abersoch| archive-date = 2015-10-29| title = Lord Davies of Abersoch – LetterOne}} In March 2022, LetterOne froze the shareholdings of two EU sanctioned directors and removed them from its board, leaving Davies in control of the firm.{{cite news|title=Mikhail Fridman loses control of LetterOne after sanctions |url=https://www.ft.com/content/c1837a20-6147-45c5-876c-add96ee8432c |last1=Thomas |first1=Daniel |last2=Seddon |first2=Max |work=Financial Times |date=2 March 2022 |access-date=2 March 2022}}"Mikhail Fridman loses control of LetterOne after sanction" ([https://www.ft.com/content/c1837a20-6147-45c5-876c-add96ee8432c]); Financial Times (ft.com); 02-03-2022; retrieved on 20 January 2023 Denouncing the Russian invasion of Ukraine, Davies stated that LetterOne would donate US$150 million and all dividends for the "foreseeable future" to Ukrainian relief efforts.{{Cite news |last=Neate |first=Rupert |date=2022-03-07 |title=Three more Russian billionaires resign from LetterOne board |language=en-GB |work=The Guardian |url=https://www.theguardian.com/business/2022/mar/07/three-more-russian-billionaires-resign-from-letterone-board |access-date=2023-07-07 |issn=0261-3077}} Later that month, Davies oversaw the appointment of Franz Humer to the LetterOne board."LetterOne Adds Franz Humer to Board After Billionaires Resign" ([https://www.bnnbloomberg.ca/letterone-adds-franz-humer-to-board-after-billionaires-resign-1.1735798]); BNN Bloomberg (bnnbloomberg.ca); 10-03-2022; retrieved on 20 January 2023 Davies personally invested in the software startup Configur in June 2022.{{Cite web |date=2022-06-20 |title=Newport data software startup Configur receives investment from industry experts and former Apple employees |url=https://www.southwalesargus.co.uk/news/20222855.newport-data-software-startup-configur-receives-investment-industry-experts-former-apple-employees/ |access-date=2023-07-07 |website=South Wales Argus |language=en}}

Public appointments

Davies was appointed CBE in 2002 for his services to the financial sector,{{cite web|title = Profile: Lord Mervyn Davies|date = 19 November 2012|url = http://www.cityam.com/article/profile-lord-mervyn-davies|publisher = Cityam.com|access-date = 1 February 2016}} and in 2004, he was appointed a Justice of the Peace in Hong Kong.{{Cite web|date=2009-01-18|title=Can Davies lift the City-to-politics curse?|url=http://www.independent.co.uk/news/business/analysis-and-features/can-davies-lift-the-city-to-politics-curse-1418579.html |archive-url=https://ghostarchive.org/archive/20220512/http://www.independent.co.uk/news/business/analysis-and-features/can-davies-lift-the-city-to-politics-curse-1418579.html |archive-date=12 May 2022 |url-access=subscription |url-status=live|access-date=2020-10-10|website=The Independent|language=en}}

He was made a life peer on 2 February 2009 as Baron Abersoch, of Abersoch in the County of Gwynedd,{{London Gazette |issue=58973 |date=6 February 2009 |page=2085}} with ministerial posts in the Foreign & Commonwealth Office and in the Department of Business, Innovation and Skills. He later held posts in Business, Enterprise and Regulatory Reform and in Trade, Investment and Small Business{{cite web|title = Lord Davies of Abersoch|url = http://www.parliament.uk/biographies/lords/lord-davies-of-abersoch/3879|website = UK Parliament|access-date = 1 February 2016}} and is currently Trade Envoy to Sri Lanka.{{Cite web |title=Prime Minister's Trade Envoys |url=https://www.gov.uk/government/groups/trade-envoys |access-date=2023-07-07 |website=GOV.UK |language=en}}

Personal life

Davies married Jeanne Marie Gammie in 1979. They have a son and a daughter.

Davies speaks Welsh.{{Cite web|url=https://www.theguardian.com/business/2009/jan/18/mervyn-davies-trade-minister|title=Mervyn Davies is that rare breed: a banker that people like|last=Mathiason|first=Nick|date=2009-01-18|website=the Guardian|language=en|access-date=2018-03-19}} He is a member of The Arts Club. He is a Trustee of the Royal Academy of Arts Development Trust,{{cite web |title=The Royal Academy Development Trust |url=https://www.royalacademy.org.uk/royal-academy-trust |website=Royal Academy}} and is a keen tennis player.

Arms

{{Infobox COA wide

|image=Coat of Arms of Mervyn Davies, Baron Davies of Abersoch.svg

|escutcheon = Azure a barrulet dancetty of two points upwards engrailed on the upper edge Or between three roundels Argent one and two over all issuing in base a pile engrailed Or thereon a pile Azure charged with a roundel Argent.{{cite book|title=Debrett's Peerage |date=2015 |page=328}}

|crest = A demi-goat Argent and unguled Or supporting between the feet a gavel head upwards Azure.

|motto = Trwy Fentro Mae Llwydd}}