BVCA announces membership of Sir Mike Rake's Guidelines Monitoring Group

The Guidelines Monitoring Group is chaired by Sir Mike Rake, chairman of BT Group. Sir Mike was also a member of the advisory group that worked with Sir David on the guidelines.

The composition of two industry representatives, two independents, and an independent chair, is designed to give the independent members a majority, the BVCA said in a statement.

Sir Mike Rake said, 'I am delighted to have such a strong team to work with on the Monitoring Group. It recognises the breadth of community and public interest in private equity and an enhanced degree of openness in its operations. At the same time its membership reflects an applied and experienced commercial focus. The Monitoring Group has an important role and we look forward to getting down to work.'

Simon Walker, chief executive of the BVCA, added, 'The private equity industry acknowledges that it is more likely to prosper if its economic contribution is publicly recognised and its investments do not cause suspicion or alarm in the wider community. Today's announcement responds to the recommendations of a broad range of industry stakeholders, including the Treasury Select Committee and its ongoing inquiry into private equity. We take self-regulation seriously and this is reflected in the strong commitment the leading firms are showing to this process.'

The Monitoring Group will have an initial meeting in March 2008 to set out its scope of operations and remit. It is then expected to meet four times a year.

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