Glen Moreno
Encyclopedia
Glen Moreno 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.
Glen Moreno was born in California in 1943. He graduated with a Bachelor of Arts
degree from Stanford University
in 1965 and was a Rotary Foundation Fellow at Delhi University in 1966. He achieved a Juris Doctorate from Harvard Law School
in 1969. Moreno's wife, sister and mother are all teachers and he splits his time between his London
home and a cattle farm in Virginia
, United States
. He worked for 18 years at Citigroup
in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991. He is said to be largely responsible for the rapid growth of Fidelity during that period.
In October 2005 Moreno was appointed as Lord Stevenson
's replacement as chairman of Pearson PLC
, after a 5 month search. The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange
. 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". His salary at Pearson was £425,000 per year. 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. He is also a governor of the Ditchley Foundation
and a director of the Royal Academy of Dramatic Art
.
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. He became the acting chairman of the company when Sir Philip Hampton
became chairman of the Royal Bank of Scotland
. During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis". He quit as acting chairman on 11 February 2009 after HM Treasury
said that it would appoint a new permanent chairman.
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. Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation
. Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year. He has stated that he had no knowledge of the individual LGT clients. Moreno's continued employment at the head of UKFI was criticised by the Conservative Party
due to his links with LGT. Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.
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.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman. Moreno has worked for several large companies in the United States and the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and most recently worked as acting-chairman of UK Financial Investments Limited
UK Financial Investments Limited
UK Financial Investments Ltd is a company set up in November 2008 by the UK Government to manage its shareholding in banks subscribing to its recapitalisation fund. They include Lloyds Banking Group , Royal Bank of Scotland Group and Northern Rock...
which manages the British government's bank shareholdings.
Glen Moreno was born in California in 1943. He graduated with a Bachelor of Arts
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree from Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
in 1965 and was a Rotary Foundation Fellow at Delhi University in 1966. He achieved a Juris Doctorate from Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
in 1969. Moreno's wife, sister and mother are all teachers and he splits his time between his London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
home and a cattle farm in Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. He worked for 18 years at Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991. He is said to be largely responsible for the rapid growth of Fidelity during that period.
In October 2005 Moreno was appointed as Lord Stevenson
Dennis Stevenson, Baron Stevenson of Coddenham
Henry Dennistoun "Dennis" Stevenson, CBE, DL was created a life peer as Baron Stevenson of Coddenham, of Coddenham in the County of Suffolk in 1999, and was awarded a CBE in 1981...
's replacement as chairman of Pearson PLC
Pearson PLC
Pearson plc is a global media and education company headquartered in London, United Kingdom. It is both the largest education company and the largest book publisher in the world, with consumer imprints including Penguin, Dorling Kindersley and Ladybird...
, after a 5 month search. The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Moreno's appointment came as something of a surprise to the business world as he was not widely known in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and he was described by The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
as an "unknown quantity". His salary at Pearson was £425,000 per year. 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
Man Booker Prize
The Man Booker Prize for Fiction is a literary prize awarded each year for the best original full-length novel, written in the English language, by a citizen of the Commonwealth of Nations, Ireland, or Zimbabwe. The winner of the Man Booker Prize is generally assured of international renown and...
for literature. He is also a governor of the Ditchley Foundation
Ditchley Foundation
The Ditchley Foundation is a British organisation based at Ditchley House near Chipping Norton, Oxfordshire, which aims to promote international relations, especially Anglo-American relations, through a programme of around fifteen annual conferences on matters of international interest...
and a director of the Royal Academy of Dramatic Art
Royal Academy of Dramatic Art
The Royal Academy of Dramatic Art is a drama school located in London, United Kingdom. It is generally regarded as one of the most renowned drama schools in the world, and is one of the oldest drama schools in the United Kingdom, having been founded in 1904.RADA is an affiliate school of the...
.
Moreno was appointed a non-executive director of UK Financial Investments Limited
UK Financial Investments Limited
UK Financial Investments Ltd is a company set up in November 2008 by the UK Government to manage its shareholding in banks subscribing to its recapitalisation fund. They include Lloyds Banking Group , Royal Bank of Scotland Group and Northern Rock...
(UKFI), a company established by the British government to manage its shareholding in nationalised (and part-nationalised) banks. He became the acting chairman of the company when Sir Philip Hampton
Philip Hampton
Sir Philip Roy Hampton is the chairman of the Royal Bank of Scotland. Originally he joined RBS as the deputy chairman on the 19th of January 2009 and was promoted to chairman on the 3rd of February the same year...
became chairman of the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
. During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis". He quit as acting chairman on 11 February 2009 after HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
said that it would appoint a new permanent chairman.
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. Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation
Prince of Liechtenstein Foundation
The Prince of Liechtenstein Foundation is a portfolio of private companies, and museums owned by the Princely Family of Liechtenstein. It is an essentially cap for a multitude of investments, such as the LGT Group, the Hofkellerei wineries, RiceTec Inc, and real estate holdings in Vienna, Austria...
. Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. Moreno was renumerated with a salary of Swiss Fr130,000 (£76,000) per year. He has stated that he had no knowledge of the individual LGT clients. Moreno's continued employment at the head of UKFI was criticised by the Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
due to his links with LGT. Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994.
He was appointed as senior independent director
Non-executive director
A non-executive director or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way...
of Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
in February 2010, and Deputy Chairman of the Financial Reporting Council
Financial Reporting Council
The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.-Structure:...
in November 2010.