Derek Higgs
Encyclopedia
Sir Derek Alan Higgs was an English
businessman and merchant banker. He was knighted in 2004. His father, Alan Higgs
, was a multimillionaire through property businesses in the Midlands.
, West Midlands
and was educated at Solihull School
, and in 1963 he went to the University of Bristol
and graduated in Economics and Accounting in 1966.
, a large accountancy firm, and after training he qualified as a Chartered Accountant
. In 1969 he became a corporate finance executive at Baring Brothers
, a merchant bank. He moved-on and joined S. G. Warburg & Co.
in 1972 and continued his career in merchant banking. He was also a board member of several companies including Prudential
, British Land
, and Coventry City Football Club
.
In 2002 the British Labour Government commissioned Sir Derek to chair the Review of the role and effectiveness of non-executive directors
. The report, widely known as the "Higgs review" or "Higgs report", was published on 20 January 2003 and many of its recommendations for large companies have been implemented.
In October 2005 he became the chairman of the Alliance & Leicester
bank and worked there through difficult times, which were partly caused the credit crunch
that took effect during 2007 in Britain.
died in 1979, and because he thought that inherited wealth did more harm than good, he made provision for a charity to be created after his death to help deprived children from Coventry
and nearby localities. The Alan Edward Higgs Charity
(also sometimes incorrectly called the Alan Higgs Trust) was set up, and Sir Derek and his sister became the trustees. In January 2008 he also became one of the trustees of the Scott Trust
, a British non-profit organisation which owns the Guardian Media Group
. He has been on the Board of Trustees of The Architecture Foundation
.
aged 64 years on 28 April 2008 in a London hospital.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
businessman and merchant banker. He was knighted in 2004. His father, Alan Higgs
Alan Higgs
Alan Edward Higgs was a successful self-made businessman who became a multimillionaire mainly from his house building business in Coventry, as well as from other businesses in Birmingham, England...
, was a multimillionaire through property businesses in the Midlands.
Early life
Sir Derek was born in CoventryCoventry
Coventry is a city and metropolitan borough in the county of West Midlands in England. Coventry is the 9th largest city in England and the 11th largest in the United Kingdom. It is also the second largest city in the English Midlands, after Birmingham, with a population of 300,848, although...
, West Midlands
West Midlands (county)
The West Midlands is a metropolitan county in western central England with a 2009 estimated population of 2,638,700. It came into existence as a metropolitan county in 1974 after the passage of the Local Government Act 1972, formed from parts of Staffordshire, Worcestershire and Warwickshire. The...
and was educated at Solihull School
Solihull School
Solihull School is a British Independent school situated near the centre of Solihull, West Midlands, England.2010 saw Solihull School celebrate its 450th anniversary since its foundation in 1560....
, and in 1963 he went to the University of Bristol
University of Bristol
The University of Bristol is a public research university located in Bristol, United Kingdom. One of the so-called "red brick" universities, it received its Royal Charter in 1909, although its predecessor institution, University College, Bristol, had been in existence since 1876.The University is...
and graduated in Economics and Accounting in 1966.
Business career
After graduating from the University of Bristol in 1966, Sir Derek joined Price WaterhousePricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
, a large accountancy firm, and after training he qualified as a Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
. In 1969 he became a corporate finance executive at Baring Brothers
Barings Bank
Barings Bank was the oldest merchant bank in London until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost £827 million due to speculative investing, primarily in futures contracts, at the bank's Singapore office.-History:-1762–1890:Barings Bank was founded in 1762 as the...
, a merchant bank. He moved-on and joined S. G. Warburg & Co.
S. G. Warburg & Co.
S. G. Warburg & Co. was a London-based investment bank. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but it was acquired by Swiss Bank Corporation in 1995.-Founding and early history:...
in 1972 and continued his career in merchant banking. He was also a board member of several companies including Prudential
Prudential plc
Prudential plc is a multinational financial services company headquartered in London, United Kingdom.Prudential's largest division is Prudential Corporation Asia, which has over 15 million customers across 13 Asian markets and is a top-three provider of life insurance in mainland China, Hong...
, British Land
British Land
The British Land Company plc is one of the largest property development and investment companies in the United Kingdom. The firm switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007. It is headquartered in London...
, and Coventry City Football Club
Coventry City F.C.
Coventry City Football Club, otherwise known as the Sky Blues owing to the traditional colour of their strip, are a professional English Football league club based in Coventry...
.
In 2002 the British Labour Government commissioned Sir Derek to chair the Review of the role and effectiveness of non-executive directors
Review of the role and effectiveness of non-executive directors
Review of the role and effectiveness of non-executive directors was a report chaired by Derek Higgs on corporate governance commissioned by the UK government, published on 20 January 2003...
. The report, widely known as the "Higgs review" or "Higgs report", was published on 20 January 2003 and many of its recommendations for large companies have been implemented.
In October 2005 he became the chairman of the Alliance & Leicester
Alliance & Leicester
Alliance & Leicester was a former UK-based bank and PLC, which in later years operated as a trading name of Santander UK before being rebranded as Santander. Alliance & Leicester was legally acquired in May 2010 by Santander UK, and was fully incorporated by 2011...
bank and worked there through difficult times, which were partly caused the credit crunch
Credit crunch
A credit crunch is a reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates...
that took effect during 2007 in Britain.
Trustee
His father, Alan HiggsAlan Higgs
Alan Edward Higgs was a successful self-made businessman who became a multimillionaire mainly from his house building business in Coventry, as well as from other businesses in Birmingham, England...
died in 1979, and because he thought that inherited wealth did more harm than good, he made provision for a charity to be created after his death to help deprived children from Coventry
Coventry
Coventry is a city and metropolitan borough in the county of West Midlands in England. Coventry is the 9th largest city in England and the 11th largest in the United Kingdom. It is also the second largest city in the English Midlands, after Birmingham, with a population of 300,848, although...
and nearby localities. The Alan Edward Higgs Charity
Alan Higgs
Alan Edward Higgs was a successful self-made businessman who became a multimillionaire mainly from his house building business in Coventry, as well as from other businesses in Birmingham, England...
(also sometimes incorrectly called the Alan Higgs Trust) was set up, and Sir Derek and his sister became the trustees. In January 2008 he also became one of the trustees of the Scott Trust
Scott Trust
The Scott Trust Limited is the British company which owns Guardian Media Group and thus The Guardian, The Observer and Auto Trader as well as various local newspapers, Smooth Radio and other radio stations, and various other media businesses in the UK...
, a British non-profit organisation which owns the Guardian Media Group
Guardian Media Group
Guardian Media Group plc is a company of the United Kingdom owning various mass media operations including The Guardian and The Observer. The Group is owned by the Scott Trust. It was founded as the Manchester Guardian Ltd in 1907 when C. P. Scott bought the Manchester Guardian from the estate of...
. He has been on the Board of Trustees of The Architecture Foundation
The Architecture Foundation
The Architecture Foundation was Britain's first independent architecture centre. Established in 1991, it aims to promote contemporary architecture.The Architecture Foundation has organised public exhibitions, design initiatives, competitions and debates....
.
Personal life
Sir Derek married Julia Arguile in 1970 and they had two sons and one daughter. He died unexpectedly owing to a heart attackMyocardial infarction
Myocardial infarction or acute myocardial infarction , commonly known as a heart attack, results from the interruption of blood supply to a part of the heart, causing heart cells to die...
aged 64 years on 28 April 2008 in a London hospital.