UK Government: Appointment of chair of the nuclear Liabilities Fund

Jun 22, 2009 (M2 PRESSWIRE via COMTEX) -- BGYNY | Quote | Chart | News | PowerRating -- Today the Department of Energy and Climate Change announced the re-appointment of Lady Balfour of Burleigh CBE as Chairman of the Nuclear Liabilities Fund (NLF). The NLF is owned by the Nuclear Trust, which was set up to oversee the management of the Fund established at the time of the privatisation of British Energy (BE) to pay for certain long-term decommissioning and other costs of BE's nuclear plants. The Chair of the NLF also chairs the Nuclear Trust.

Lady Janet Balfour was previously Chair of the NLF from 2003 to 2008 and in November 2008 was appointed Chairman of the Nuclear Liabilities Financing Assurance Board. She brings much experience of the issues around nuclear decommissioning and of fund management, as well as having held a large number of Directorships and Chair positions in a range of different organisations.

Welcoming the appointments, Energy Minister, Lord Hunt said:

"I am pleased to announce the reappointment of Janet Balfour who brings valuable experience to the NLF. There is an important job to be done to manage the GBP8 bn of assets attributable to the Fund to provide for the decommissioning of British Energys nuclear power stations. "

Other current NLF Trustees are as follows:

Anne Richards (appointed by Secretary of State for BERR in January 2008)

Sir James Sassoon (appointed by Secretary of State for BERR in January 2008)

George Jenkins (appointed by BE in August 2008)

David Stewart (appointed by BE in August 2008)

Notes to editors

1. The appointee will act both as Chairman of the Nuclear Trust and of the Nuclear Liabilities Fund.

2. The appointments have been made in accordance with the requirements of the Commissioner for Public Appointments.

3. The appointment attracts remuneration of GBP37,261 plus reasonable travel expenses.

4. The NLF Directors meet on average eight times a year split between Edinburgh and London and would be expected to set aside at least one day to prepare for each meeting. The Chair is expected to make himself/herself available to deal with urgent issues requiring decisions and action.

5. The appointment is made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees' political activity (if any are declared) to be made public. No political activities have been declared.

6. Lady Balfour has been appointed for a three year term from 22 June 2009.

7. A writer, Lady Balfour of Burleigh is also a non-executive Director of the Scottish Oriental Smaller Companies Trust and Close Enterprise VCT. She is senior independent Director and Chairman of the Safety and Environment Committee at Stagecoach plc, and also chairs Murray International's Remuneration Committee. In November 2008 she was appointed Chair of the Nuclear Liabilities Financing Assurance Board. She taught politics and modern history at Oxford University before moving to the Central Policy Review staff in the Cabinet Office. She has worked for numerous public and private organisations.

8. The NLF is a segregated fund that was established at the time of British BE's privatisation to pay for certain long-term decommissioning and other costs of BE's nuclear plants. The fund currently has attributable assets of around GBP8bn. There are five Trustees, of which HM Government appoints three, including the Chair, and BE is responsible for appointing the other two.

Department of Energy and Climate Change

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