Paul Myners, Baron Myners facts for kids
Quick facts for kids
The Lord Myners
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Official portrait, 2006
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| Financial Services Secretary to the Treasury | |
| In office 3 October 2008 – 13 May 2010 |
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| Prime Minister | Gordon Brown |
| Preceded by | Office established |
| Succeeded by | Mark Hoban (as City Minister) |
| Member of the House of Lords Lord Temporal |
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| In office 16 October 2008 – 16 January 2022 Life peerage |
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| Personal details | |
| Born | 1 April 1948 |
| Died | 16 January 2022 (aged 73) London, England |
| Nationality | British |
| Political party | None (crossbencher) |
| Other political affiliations |
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| Spouses |
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| Children | 5 |
| Education | University of London |
Paul Myners, Baron Myners (born April 1, 1948 – died January 16, 2022) was an important British businessman and politician. He was known for his work in finance and for serving in the UK government.
In 2008, he became a member of the House of Lords, which is part of the UK Parliament. He was also appointed as the City Minister in the government led by Gordon Brown. In this role, he helped manage the UK's financial system during a big worldwide money crisis. He left this job in 2010.
Before becoming a politician, Myners had a long and successful career in business. He worked for many major companies and also helped out in public service roles, like being a director at the Bank of England.
Contents
Early Life and School
Paul Myners was adopted when he was two years old by a family from Cornwall, a county in England. He grew up in a town called Truro. His adoptive father was a butcher and fisherman, and his mother was a hairdresser.
He went to Truro School on a scholarship, which means he got financial help to attend. Later, he studied at the University of London. He earned a top degree in education and became a secondary school teacher for two years. After teaching, he worked as a financial journalist for The Daily Telegraph newspaper. In 1974, he moved into the financial world, starting at a company called N M Rothschild & Sons.
Career in Business
Paul Myners joined the board of directors at Rothschild in 1977. In 1985, he moved to Gartmore Group, a company that manages money for pensions. He became its chairman in 1987. During his time there, the amount of money Gartmore managed grew a lot.
After leaving Gartmore in 2000, he took on many different roles. He served as chairman or non-executive director for several well-known companies. These included Aspen Insurance Holdings, and the famous British retailer Marks & Spencer. He helped Marks & Spencer fight off a takeover attempt in 2004.
Helping the Public
Myners also spent a lot of time working for public service and charities. He wrote important reports for the government about how pension funds should be managed. These reports, known as the Myners Report, helped create rules for how pension money should be invested carefully.
He was also chairman of the Guardian Media Group, which publishes The Guardian newspaper. He was a non-executive director at the Bank of England, which is the central bank of the UK.
From 2006 to 2008, he was chairman of the Low Pay Commission. This group gives advice to the government on the minimum wage. He also served as a trustee for several important art galleries and charities, including the Tate and the National Gallery.
Government Minister Role
In October 2008, Paul Myners was appointed as the Financial Services Secretary to the Treasury. This job is often called the City Minister. He joined Prime Minister Gordon Brown's government. To take on this role, he was made a Life peer, which means he became a member of the House of Lords for life, known as "Baron Myners."
As City Minister, Myners had a very important job. He was in charge of leading the government's plan to help UK banks during the global financial crisis of 2008. This included a huge rescue package to prevent banks from failing. He also worked with the Financial Services Authority, which regulates financial companies.
During his time as minister, there was a public discussion about the pension of a former bank chairman, Fred Goodwin. Myners was involved in these discussions, and a parliamentary committee looked into the matter. The committee said that Myners could have been clearer in his instructions, but others defended his actions, saying he achieved a lot during a very difficult time.
After Government Service
After the Labour Party lost the general election in 2010, Myners continued to be a member of the House of Lords. He first sat as a Labour peer, then became a non-affiliated member, and later joined the crossbench group in 2015. Crossbenchers are independent members who don't belong to a specific political party.
He continued his work in the financial world, joining the boards of various investment companies. He also became chairman of Cevian Capital (UK) LLP, a company that helps improve businesses.
In 2012, he became President of the Howard League for Penal Reform, a charity that works to improve the justice system. He also took on roles at international companies, like OJSC MegaFon, a mobile phone operator in Russia.
From 2015, Lord Myners was the Chair of the Court of Governors and Council of the London School of Economics and Political Science, a famous university. In 2016, he became the University Chancellor of the University of Exeter. He was also involved in seeking funding for the Stadium for Cornwall.
Personal Life and Death
Paul Myners was married twice. He had four daughters and one son from his two marriages. He lived in London and also had a home in Cornwall.
He passed away in London on January 16, 2022, at the age of 73.
Awards and Recognition
Paul Myners was awarded a CBE (Commander of the Order of the British Empire) in 2001 for his services. He also received an Honorary Doctorate in Law from the University of Exeter. He was a visiting fellow at Nuffield College, Oxford and an Executive Fellow of London Business School.
In 2010, he was elected chairman of the All Party Parliamentary Group on Corporate Governance. He was also made an Honorary Fellow of the Association of Corporate Treasurers.
See also
- Pensions Act 1995
- Politics in England
- Stewardship Code
