Disclosures of interest

Rolling Stock Leasing Market Investigation

Disclosures of Interests for Mr Malcolm Wilson (pdf, 25kb)

Anthony Stern is a member of the Group that is conducting this investigation. Family members of Anthony Stern who currently reside with him have shares in one of the main parties. Insofar as the family members in question are dependent on Anthony Stern’s family, will shortly cease to be so and will have control of these investments, the CC is satisfied that this will not affect Anthony Stern’s ability to act impartially and independently as a member of the Group.

Diana Guy has less than £5,000 of HBOS plc shares in a portfolio managed on a discretionary basis; Ms Guy has no control over how this portfolio is managed.

Anthony Stern’s wife has a shareholding in HBOS plc with a current value in excess of £50,000.

A subsidiary of HBOS plc owns rolling stock that it leases to Voyager Leasing Ltd, a main party to this inquiry. At this stage of the inquiry, we do not consider that HBOS plc is a main party to this inquiry. Although HBOS has an investment in the reference goods that are part of this market inquiry, we do not consider such investment is a material part of HBOS plc’s business.

Accordingly, the CC does not believe that the shareholdings in HBOS plc of Diana Guy and the wife of Anthony Stern will prejudice the ability of Diana Guy, Anthony Stern and the other members of the Group to discharge their functions in an independent and impartial manner.

Staff

John Pigott is the Inquiry Director on this inquiry. Mr Pigott’s wife has a shareholding in HSBC Holdings plc with a current value between £50,000 and £100,000.

HSBC Holdings plc is the parent company of HSBC Rail Ltd, one of the main parties on this inquiry. However, the CC understands that HSBC Rail Ltd accounts for a very small percentage (less than 0.25%) of the assets of HSBC Holdings plc.

Mr Pigott’s wife has agreed that while Mr Pigott is involved in this inquiry:

1. she will not purchase any HSBC Holdings plc shares, and
2. she will not sell any shares in HSBC Holdings plc without the prior agreement of the CC’s Chief Executive.

Carole Begent, a Legal Director to the CC, was employed as a legal adviser to the Officer of Rail Regulation (ORR) from 1996 to February 2000. Ms Begent advised generally on competition and railway law. A specific project included providing legal advice to the ORR as a member of the Rosco inquiry team including negotiation of the Rosco Code.

Adam Cooper, an accountant at the CC, worked for Abbey National (which owns Porterbrook) from 2001 to March 2004. Mr Cooper worked in the group strategy department and was not involved in work advising Porterbrook.

The CC does not believe that these matters will prejudice the ability of the staff team to discharge its functions in an independent and impartial manner.