FORMER prime minister Rishi Sunak has returned to the banking world as senior adviser at Goldman Sachs group, with plans to donate his salary to the education charity he recently established with his wife Akshata Murty.
The US-headquartered multinational investment bank, where Sunak worked before entering politics, made the announcement on Tuesday (8) after the requisite 12-month period elapsed since the British Indian leader's ministerial term concluded following defeat in the general election on July 4 last year.
The UK Advisory Committee on Business Appointments, which must approve jobs taken by former ministers for at least two years after leaving office, gave its approval with conditions "to mitigate the potential risks to the government" regarding privileged information Sunak would have as a former prime minister.
The committee noted that the salary from his new role would go towards the Richmond Project, a charity announced earlier this year as a joint initiative with Murty focused on improving mathematics and numeracy skills among children and young people in England.
"Goldman Sachs has a significant interest in UK government policy. As the former Prime Minister, there is reasonable concern that your appointment could be seen to offer unfair access and influence within the UK government," the committee stated in its advice published this week.
"You and Goldman Sachs have confirmed to the committee that the role will not involve lobbying the government, which all former ministers are prevented from doing for two years after leaving office. The committee considered that it would be difficult to mitigate the risk of perceived lobbying if you initiated engagement of any kind with the UK government in this role, noting this is not your stated intention."
Under the stipulations, Sunak must not draw on any privileged information available to him from his time in ministerial office.
Rishi Sunak and Akshata Murty. (Photo by HENRY NICHOLLS/AFP via Getty Images)
"For two years from your last day in ministerial office, your role with Goldman Sachs Group Inc should be limited to providing advice on strategy, macroeconomic and geopolitical matters that do not conflict with your time as prime minister (including where you are working with parent companies, subsidiaries, partners and clients of Goldman Sachs)," the committee added.
It also stressed that the advice was not an "endorsement" of Sunak's new role but aimed at protecting the integrity of government.
The publication of the committee's decision coincided with Goldman Sachs issuing a statement welcoming the British Indian politician, who continues as a backbench Tory MP for Richmond and Northallerton.
"In his role, he will work with leaders across the firm to advise our clients globally on a range of important topics, sharing his unique perspectives and insights on the macroeconomic and geopolitical landscape. He will also spend time with our people around the world, contributing to our culture of ongoing learning and development," said Goldman Sachs chairman and CEO David Solomon.
Sunak previously worked at Goldman Sachs as a summer intern in Investment Banking in 2000 and later as an analyst between 2001 and 2004.
His political career began when he was elected Tory MP in 2015 and went on to be appointed a junior minister, then chancellor before becoming Britain's first prime minister of Indian heritage in October 2022.
(with inputs from PTI)
