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Appointments to the NESTA Board of Trustees

News Release issued by the COI News Distribution Service on 29 October 2009

Minister for Science and Innovation Lord Drayson today announced the appointment of two new trustees to the National Endowment for Science, Technology and the Arts (NESTA). Dr Mike Lynch OBE has been appointed as a Trustee, and will also serve as Chair of the NESTA Investment Committee, and Rob Woodward has been appointed as a Trustee with responsibility for representing Scottish interests.

Lord Drayson said:

"The knowledge and experience of trustees makes a vital contribution to the excellent work of NESTA. I am pleased to welcome Mike and Rob as trustees, and know the skills they bring will be of benefit to NESTA."

Sir Chris Powell, Chair of NESTA said,

“We’re delighted that Mike Lynch is joining NESTA’s Trustees and that he will chair the Investment Committee. His enormous success in founding and building Autonomy will be an inspiration to our investees and his skills in backing new ventures will be a great addition to the Committee. Rob Woodward’s experience in the media and in finance will be a considerable asset to NESTA and he will be an excellent ambassador for our work in Scotland.”

Notes to Editors

1. NESTA – the National Endowment for Science, Technology and the Arts - is an executive Non-Departmental Public Body established by the National Lottery Act 1998 with a remit to 'support and promote talent, innovation and creativity in the fields of science, technology and the arts'. With endowed funds of over £300 million, NESTA works to transform the UK’s capacity for innovation by investing in early-stage companies, informing and influencing policy, and delivering practical programmes to help innovation flourish. Further information can be found at www.nesta.org.uk .

2. Dr Mike Lynch OBE studied Engineering at Cambridge University and obtained a PhD in mathematical computing. He is a technology entrepreneur and is a pioneer of the Meaning Based Computing movement. He has founded a number of technology companies, including Autonomy, the UK's largest software company by market capitalization ($7Bn) and a member of the FTSE 100. He holds a number of advisory and board roles in the venture capital industry and is currently a non-executive director of the BBC. He was awarded an OBE for Services to Enterprise. He is also a fellow of the Royal Academy of Engineering, a Lady Margaret Beaufort Fellow of Christ's College, Cambridge, and the author of a number of academic papers on the subject of Pattern recognition. He is involved with fundraising for various educational and children's health charities and is a patron of The Prince's Trust.

3. Rob Woodward has been CEO of STV since 2007. Prior to this he was a senior advisor to LongAcre Partners. Until 2005 he served as Commercial Director of Channel 4 Television. He was an executive member of the Channel 4 Corporation Board and responsible for Channel 4’s commercial wellbeing. Prior to this, he was a Managing Director at UBS Corporate Finance where he worked in both London and New York. Before this, Rob was the Managing Partner of Braxton UK, the strategy consulting practice of Deloitte. He is a non-executive director of RaceTech Holdings and a Council Member of the National Youth Theatre, and has a BSc Hons from Durham University and an MBA from Edinburgh University.

4. Both appointments are for four years from 1 November 2009 to 31 October 2013.

5. These appointments have been made in accordance with the requirements of the Office for the Commissioner for Public Appointments. All public appointments are 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 declared) to be made public. Neither of the appointees has declared any political activity in the last five years.

6. Dr Mike Lynch OBE has been appointed to the board of trustees, and will also serve as Chair of the NESTA Investment Committee. As well as undertaking duties common to all trustees, he will oversee the performance of the Investment Committee. The Investment Committee meets eleven times a year assessing all new investment proposals and periodically reviewing NESTA’s investment portfolio. He will receive an honorarium of £11,000 per year, consisting of £5,000 for serving as a trustee, £4,000 for serving on the Investment Committee and a further £2,000 for acting as the Chair of the Investment Committee

7. Rob Woodward has been appointed to the NESTA board of trustees, with responsibility for representing Scottish interests. As well as undertaking trustee duties common with all trustees, he will be responsible for informing the board of any political or commercial developments in Scotland that are relevant to the activities of NESTA. He will receive an honorarium of £5,000 per year for serving as a trustee.

8. For further information, please contact Chani Hirsch at NESTA, 020 7438 2601, or Una Flynn, BIS Press Office; 020 7215 5256.

9. Sir Chris Powell steps down as Chair of NESTA from 31 October, and is succeeded by Sir John Chisholm.

Department for Business, Innovation & Skills

The Department for Business, Innovation and Skills (BIS) is building a dynamic and competitive UK economy by: creating the conditions for business success; promoting innovation, enterprise and science; and giving everyone the skills and opportunities to succeed. To achieve this it will foster world-class universities and promote an open global economy. BIS - Investing in our future.

Contacts:

BIS Press Office
NDS.BIS@coi.gsi.gov.uk

Una Flynn
Phone: 020 7215 5256
Una.Flynn@bis.gsi.gov.uk