Assessing Performance


UKFI’s objectives


The UKFI Framework Document, drawn up by UKFI and its shareholder, HM Treasury, sets out the objectives for the Company and the framework within which it will pursue them. UKFI’s overarching objective is to develop and execute an investment strategy for disposing of its investments in an orderly and active way, within the context of protecting and creating value for the taxpayer. 
 
Each year, UKFI publishes its Annual Report and Accounts. This document includes a more detailed set of objectives for the Company for the year ahead, pursuant to UKFI’s overarching objective, and provides a summary of how we have approached our role as an active and engaged shareholder over the past year. The Annual Report and Accounts also provides information on the financial performance of the investee companies, information about UKFI’s internal governance and remuneration policies, the independent auditor’s report and UKFI’s Financial Statements.

The Annual Report and Accounts is agreed by the UKFI Board and HM Treasury, including HM Treasury Ministers.
 

Parliamentary Scrutiny


The National Audit Office (NAO) is responsible for scrutinising public spending on behalf of Parliament, and holding Government bodies to account for the way they use public money. The NAO has produced detailed reports on the buy-back of subordinated debt by the Government’s Wholly-Owned banks (published March 2011), The creation and sale of Northern Rock plc (published May 2012), and The first sale of shares in Lloyds Banking Group (published December 2013), More information about the National Audit Office can be found on their website: www.nao.org.uk
 
UKFI regularly appears in front of the House of Commons Treasury Select Committee, and has been called to appear in front of the Public Accounts Committee.
QUICK LINKS

PRESS RELEASE
7th October 2016

Intention to sell shares in Lloyds Banking Group plc through a trading plan
UKFI today announces that it intends to continue to sell Her Majesty’s Treasury’s (“HMT”) shareholding in Lloyds Banking Group plc (the “Company”) over the next twelve months through a pre-arranged trading plan that will be managed by Morgan Stanley & Co. International plc (“Morgan Stanley”).


PRESS RELEASE
17th May 2016

Dividend payment received today
UKFI announces that HMT will today receive c.£130m in dividend payments, in respect of its shareholding in Lloyds Banking Group Plc. This takes total proceeds received from the Government’s investment in LBG to £16.888bn.