Davies rejects UK board role

LORD Davies, the minister for trade, investment and small business, yesterday poured cold water on suggestions he is considering quitting politics for a return to the boardroom.

Commenting on speculation that he has consulted headhunters over possible roles at the helm of some of Britain’s biggest companies, Davies told City A.M. he has “no desire to be a UK Plc chairman” despite receiving many approaches.

“I am totally focused on a Labour victory,” he added.

However, sources close to Davies suggested the peer might change his attitude towards a move back into business in the future if Labour ends up losing the general election.

In particular, his denial of interest in UK companies does not rule out a potential future role in Asia – which would mark a return to his roots at Standard Chartered, the Asia-focused bank he chaired between 2006 and 2009.

One source said: “[Davies] has an awful lot of energy and is very hard working. He certainly doesn’t seem ready to retire just yet.”

Davies became trade minister in January last year after more than a decade at Standard Chartered, where he also held the role of chief executive.