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Sir Howard Davies | |
|---|---|
 Davies in 2008 | |
| Chairman ofNatWest Group | |
| Assumed office 1 September 2015 | |
| Personal details | |
| Born | (1951-02-12)12 February 1951 (age 74) Prestbury, Cheshire, England |
| Spouse | Prue Keely |
| Children | 2 |
| Alma mater | Memorial University Merton College, Oxford Stanford Business School |
Sir Howard John Davies (born 12 February 1951) is a British historian and author, who was the chairman ofNatWest Group and the former director of theLondon School of Economics.[1]
He was the first chairman of theFinancial Services Authority. Davies was chairman of thePhoenix Group and, until July 2015, chaired the UKAirports Commission.[1] In February 2015, he was appointed chairman of The Royal Bank of Scotland Group, taking up the role from September 2015. RBS Group was renamed NatWest Group in 2020. In 2023, he came under scrutiny about theNigel Farage Coutts bank scandal. In April 2024 he stepped down stepped down as Chairman of NatWest Group on 15 April 2024, concluding his tenure after nearly nine years in the role.
Since 2011 he has been a professor at theParis School of International Affairs, part ofSciences Po. He teaches master's courses on financial regulation and central banking.
Howard Davies born on 12 February 1951 inPrestbury, Cheshire, England, and was raised inBlackley,Manchester.[2]
He was educated at Bowker Vale County Primary School andThe Manchester Grammar School, where he was the founder editor ofThe Mancunian, before going as an exchange student to theMemorial University of Newfoundland and toMerton College,University of Oxford, where he gained aMaster of Arts degree in modern history and modern languages.[3][4] He edited theCherwell newspaper in 1972.[5]
On graduation from Oxford he joined the Foreign and Commonwealth Office in London, working the Western European Department on bilateral relations with Scandinavia, Italy, Austria and the Holy See. In 1974 he became Private Secretary To HM Ambassador in Paris, working for Sir Edward Tomkins and Sir Nicholas Henderson. From 1976 he was on secondment to HM Treasury, where he worked on Nationalised Industry Policy and Aerospace finding (civil and military). He was responsible for the UK participation in the Concorde, Airbus and Tornado programmes, in particular. In 1979 he was awarded aHarkness Fellowship to attend theStanford Graduate School of Business inCalifornia where he obtained aMaster of Science degree in management sciences.[4] In 1980 he returned to HM Treasury, where he was principal for monetary policy, from 1980 to 1982.[citation needed]
Davies was employed byMcKinsey & Company from 1982 to 1987.[6] From 1985 to 1986 he was special adviser to Chancellor of the ExchequerNigel Lawson. From 1987 to 1992 he was Controller of theAudit Commission. In 1992 he was appointed director general of the Confederation of British Industry, a position he held until 1995, when he was appointedDeputy Governor of the Bank of England. In 1997 Davies was appointed Executive Chairman of the newly establishedFinancial Services Authority, regulating the whole of the UK financial services industry, serving until 2003.[1]
From 2003 to 2011 Davies was director of theLondon School of Economics and Political Science. He stepped down from the position on 3 March 2011 following concern over the institution's decision to accept funding from a foundation controlled by the Libyan dictatorMuammar Gaddafi's son,Saif, in theLSE–Gaddafi affair.[7][8][9]
Davies was a non-executive director ofGKN between 1989 and 1995, and a member of the international advisory board ofNational Westminster Bank from 1991 to 1995. From 1995 to 2004 he was founder Chairman ofEmployers Forum on Age, a body formed to oppose ageism at work. From 2002 to 2010 he was a trustee of theTate Gallery (where he was interim chair 2008–09), and was a member of the governing body of theRoyal Academy of Music from 2004 to 2013. He is patron ofWorking Families, a campaigning charity which supports the rights of parents in the workplace. In 2004 he was elected to an Honorary Fellowship ofMerton College, Oxford and became an independent director ofMorgan Stanley, where he chaired the board's risk committee. From 2006 to 2010, Davies was a non-executive director of Paternoster Ltd. Since 2003, he has held membership in the International Advisory Committee of theChina Banking and Insurance Regulatory Commission, and, since 2012, has chaired the International Advisory Committee of theChina Securities Regulatory Commission. He became chairman of the Royal Bank of Scotland Group in February 2015.[10]
In 2009 Davies was appointed as adviser to the Investment Strategy Committee ofGIC Private Limited, formerly known as Government of Singapore Investment Corporation. Two years later he joined its international advisory board. He resigned from both positions in September 2012, on appointment to the chair of the Airports Commission (GIC Private Limited is a part owner of Heathrow). In 2010 he became a non-executive director ofPrudential plc, and chair of the Risk Committee, a role he performed until May 2020. In 2011 he joined the Regulatory Advisory Council of Millennium LLP in New York. Also in 2011, he joined the board of theRoyal National Theatre, where he was chairman of the Finance Committee for 4 years. From 2012 to 2015 Davies was a member of the advisory board of the SWIFT Institute. Davies is a council member of theAsian Bureau of Finance and Economic Research in Singapore.[11]
In May 2022, Davies describedBrexit as a "significant mistake".[3]
In November 2022, as Chairman of NatWest Group, Davies reportedly told staff that he had been "embarrassed" during a meeting with theIMF afterLiz Truss andKwasi Kwarteng released a mini-budget.[12]
In July 2023, as chairman of NatWest Group, Davies expressed confidence in his chief executive, DameAlison Rose, who had breached client confidentiality in discussing the bank account ofNigel Farage with a BBC reporter. Shortly after expressing that confidence, Rose was forced to resign when the Prime Minister,Rishi Sunak, and others in Government expressed concern at her apparent gross misconduct. Rose's resignation led to calls for Davies to resign. On 27 July, Sunak refused to endorse Davies to stay in the role.[13] He did not resign, was supported by shareholders, and left NatWest in April 2025 at the end of his nine year term.
In January 2024, Davies was the subject of controversy following his comment that it was "not that difficult" to buy a house in the UK.[14]
Davies stepped down as chairman of NatWest Group on 15 April 2024, concluding his tenure after nearly nine years in the role. He had previously announced his intention to retire by July 2024, aligning with the UK Corporate Governance Code’s recommendation of a maximum nine-year tenure for board chairs.
Davies chaired the judges of theMan Booker Prize for fiction in 2007. He was appointed chairman of the trustees of theLondon Library in November 2015.[15]
He was a character in theDavid Hare playThe Power of Yes which premiered at theLondon National Theatre in October 2009.[16]
Davies was appointed aKnight Bachelor in 2000.[17]
Davies writes regularly forThe Financial Times,Times Higher Education,Project Syndicate[18] andManagement Today.[citation needed]
Davies is married to Prue Keely, and has two sons.[19]
He is asupporter ofManchester City Football Club and theLancashire County Cricket Club. He plays cricket forBarnes Common cricket club.[4]
| Academic offices | ||
|---|---|---|
| Preceded by | Director of the London School of Economics 2003–2011 | Succeeded by |
| Business positions | ||
| Preceded by | Director of theConfederation of British Industry 1992–1995 | Succeeded by |
