Glen Moreno: Difference between revisions
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Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the [[LGT Group|Liechtenstein Global Trust]] (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion.<ref name="times">{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5704818.ece|title=Business big shot: Glen Moreno|last=Judge|first=Elizabeth|date=11 February 2009 |publisher=The Times|accessdate=9 March 2010}}</ref><ref name="times2">{{cite news|url=http://www.timesonline.co.uk/tol/news/politics/article5683675.ece|title=Gordon Brown’s bank boss Glen Moreno had links to tax cheats|last=Oliver|first=Jonathon|date=8 February 2009 |publisher=The Times|accessdate=9 March 2010}}</ref> Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body [[Prince of Liechtenstein Foundation]].<ref name="times2"/> Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy.<ref name="times2"/> Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year.<ref name="times2"/> He has stated that he had no knowledge of the individual LGT clients.<ref name="times2"/> Moreno's continued employment at the head of UKFI was criticised by the [[Conservative Party (UK)|Conservative Party]] due to his links with LGT.<ref name="times"/> Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.<ref name="times"/> |
Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the [[LGT Group|Liechtenstein Global Trust]] (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion.<ref name="times">{{cite news|url=http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5704818.ece|title=Business big shot: Glen Moreno|last=Judge|first=Elizabeth|date=11 February 2009 |publisher=The Times|accessdate=9 March 2010}}</ref><ref name="times2">{{cite news|url=http://www.timesonline.co.uk/tol/news/politics/article5683675.ece|title=Gordon Brown’s bank boss Glen Moreno had links to tax cheats|last=Oliver|first=Jonathon|date=8 February 2009 |publisher=The Times|accessdate=9 March 2010}}</ref> Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body [[Prince of Liechtenstein Foundation]].<ref name="times2"/> Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy.<ref name="times2"/> Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year.<ref name="times2"/> He has stated that he had no knowledge of the individual LGT clients.<ref name="times2"/> Moreno's continued employment at the head of UKFI was criticised by the [[Conservative Party (UK)|Conservative Party]] due to his links with LGT.<ref name="times"/> Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.<ref name="times"/> |
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He was appointed as senior [[non-executive director|independent director]] of [[Lloyds Banking Group]] in February 2010, and Deputy Chairman of the [[Financial Reporting Council]] in November 2010.<ref>[http://www.frc.org.uk/about/board.cfm FRC Board], Financial Reporting Council. Retrieved 28 April 2011.</ref> |
He was appointed as senior [[non-executive director|independent director]] of [[Lloyds Banking Group]] in February 2010, and Deputy Chairman of the [[Financial Reporting Council]] in November 2010.<ref>[http://www.frc.org.uk/about/board.cfm FRC Board] {{wayback|url=http://www.frc.org.uk/about/board.cfm |date=20110623182206 }}, Financial Reporting Council. Retrieved 28 April 2011.</ref> |
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==Personal life== |
==Personal life== |
Revision as of 16:12, 16 July 2016
Glen Moreno | |
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![]() Glen Moreno at Financial Times Summer Party 2011 | |
Born | 1943 |
Nationality | American |
Alma mater | Stanford University Delhi University Harvard Law School |
Glen Moreno (born 1943) is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom and most recently worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings.
Early life
Glen Moreno was born in California in 1943.[1] He graduated with a Bachelor of Arts degree from Stanford University in 1965 and was a Rotary Foundation Fellow at Delhi University in 1966.[1] He achieved a Juris Doctorate from Harvard Law School in 1969.[1]
Career
Moreno worked for 18 years at Citigroup in Europe and Asia, running the investment banking and trading divisions and becoming a group executive.[1][2] Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991.[1] He is said to be largely responsible for the rapid growth of Fidelity during that period.[3]
In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of Pearson PLC, after a 5 month search.[1][4] The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange.[4] Moreno's appointment came as something of a surprise to the business world as he was not widely known in the United Kingdom and he was described by The Guardian as an "unknown quantity".[2][4] His salary at Pearson was £425,000 per year.[2] Moreno is also a senior independent director of Man Group plc, having been a non-executive director there since 1994, and persuaded the group to co-sponsor the Man Booker Prize for literature.[1][4] He is also a governor of the Ditchley Foundation and a director of the Royal Academy of Dramatic Art.[1]
Moreno was appointed a non-executive director of UK Financial Investments Limited (UKFI), a company established by the British government to manage its shareholding in nationalised (and part-nationalised) banks.[5] He became the acting chairman of the company when Sir Philip Hampton became chairman of the Royal Bank of Scotland.[5] During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis".[5] He quit as acting chairman on 11 February 2009 after HM Treasury said that it would appoint a new permanent chairman.[6]
Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the Liechtenstein Global Trust (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion.[7][8] Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation.[8] Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy.[8] Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year.[8] He has stated that he had no knowledge of the individual LGT clients.[8] Moreno's continued employment at the head of UKFI was criticised by the Conservative Party due to his links with LGT.[7] Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.[7]
He was appointed as senior independent director of Lloyds Banking Group in February 2010, and Deputy Chairman of the Financial Reporting Council in November 2010.[9]
Personal life
Moreno's wife, sister, mother, and niece are all teachers and he splits his time between his London home and a cattle farm in Virginia, United States.[4][7]
References
- ^ a b c d e f g h "Glen Moreno". University of the West of England. Retrieved 3 March 2010.
- ^ a b c Milmo, Dan (30 July 2005). "Pearson puts Fidelity man in the chair". The Guardian. Retrieved 3 March 2010.
- ^ Sturcke, James (13 February 2009). "Glen Moreno: Financier who changed sides". The Guardian. Retrieved 9 March 2010.
- ^ a b c d e Kane, Frank (31 July 2005). "Pearson gets its man, but who is he?". The Observer. Retrieved 3 March 2010.
- ^ a b c Treanor, Jill (12 February 2009). "Another banker leaves government post". The Guardian. Retrieved 9 March 2010.
- ^ Porter, Andrew (13 February 2009). "Gordon Brown loses second banking advisor as Glen Moreno quits". The Telegraph. Retrieved 10 March 2010.
- ^ a b c d Judge, Elizabeth (11 February 2009). "Business big shot: Glen Moreno". The Times. Retrieved 9 March 2010.
- ^ a b c d e Oliver, Jonathon (8 February 2009). "Gordon Brown's bank boss Glen Moreno had links to tax cheats". The Times. Retrieved 9 March 2010.
- ^ FRC Board Template:Wayback, Financial Reporting Council. Retrieved 28 April 2011.