Philip Hampton
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Sir Philip Roy Hampton (born 5 October 1953) is a British businessman. He was the first chairman of UK Financial Investments Limited in 2008 and chairman of government-owned
The Royal Bank of Scotland Group NatWest Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance and ...
between 2009 and 2015. He has also chaired
GlaxoSmithKline GSK plc, formerly GlaxoSmithKline plc, is a British multinational pharmaceutical and biotechnology company with global headquarters in London, England. Established in 2000 by a merger of Glaxo Wellcome and SmithKline Beecham. GSK is the ten ...
and
J Sainsbury J Sainsbury plc, trading as Sainsbury's, is the second largest chain of supermarkets in the United Kingdom, with a 14.6% share of UK supermarket sales. Founded in 1869 by John James Sainsbury with a shop in Drury Lane, London, the company ...
.


Early career

Hampton gained an MA in English from
Lincoln College, Oxford Lincoln College (formally, The College of the Blessed Mary and All Saints, Lincoln) is one of the constituent colleges of the University of Oxford, situated on Turl Street in central Oxford. Lincoln was founded in 1427 by Richard Fleming, the ...
, in 1975. He joined the accounting firm
Coopers & Lybrand PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...
the same year, qualified as a chartered accountant in 1978, and then trained as an
auditor An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and au ...
, working in London and west Africa. He took an
MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
from
INSEAD INSEAD, a contraction of "Institut Européen d'Administration des Affaires" () is a non-profit business school that maintains campuses in Europe ( Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San ...
from 1980 to 1981, and returned to join
Lazard Lazard Ltd (formerly known as Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's lar ...
s
investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...
for nine years. Working on mergers, acquisitions, business restructurings and
capital markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers to ...
; in 1986 he was seconded to
Lazard Freres Lazard Ltd (formerly known as Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's ...
, New York, and also worked extensively with Lazard Freres in Paris. Since then Hampton has been finance director at a number of companies: *
British Steel plc British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies. ** Britishness, the British identity and common culture * British English, ...
– group finance director from 1990 to 1995; the company were a former client at Lazards *
British Gas plc British Gas plc was an energy and home services provider in the United Kingdom. It was formed when the British Gas Corporation was privatised as a result of the Gas Act 1986, instigated by the government of Margaret Thatcher and superseding the G ...
– group finance director from 1995 to 1997; oversaw double-demerger of
Centrica Centrica plc is a British multinational energy and services company with its headquarters in Windsor, Berkshire. Its principal activity is the supply of electricity and gas to consumers in the United Kingdom and Ireland. It is the largest su ...
and then
Lattice Group Lattice Group plc was a leading British gas transmission business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. History The Company was established in 2000 when BG Group demerged its UK gas transmissi ...
*
BG Group BG Group plc was a British multinational oil and gas company headquartered in Reading, United Kingdom. On 8 April 2015, Royal Dutch Shell announced that it had reached an agreement to acquire BG Group for $70 billion, subject to regulatory and ...
– group finance director from 1997 to 2000 *
British Telecom BT Group plc (trade name, trading as BT and formerly British Telecom) is a British Multinational corporation, multinational telecommunications holding company headquartered in London, England. It has operations in around 180 countries and is th ...
– group finance director from 2000 to 2002 *
Lloyds TSB Lloyds Bank plc is a British retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the " Big Four" clearing banks. Lloyds Bank is the largest retail bank in Britain, and has an exten ...
– group finance director from 2002 to 2004


Sainsbury

Hampton was appointed chairman of
J Sainsbury J Sainsbury plc, trading as Sainsbury's, is the second largest chain of supermarkets in the United Kingdom, with a 14.6% share of UK supermarket sales. Founded in 1869 by John James Sainsbury with a shop in Drury Lane, London, the company ...
plc, parent company of the Sainsbury's chain of supermarkets, on 19 July 2004. His appointment came at a significant time for the retailer;
Sir Peter Davis Sir Peter John Davis (born 23 December 1941) is a British businessman, who was, from 2000 to 2004, the CEO of J Sainsbury plc, which operates the UK supermarket chain Sainsbury's. Davis was born in Cheshire on 23 December 1941, the son of John ...
had been forced out as chairman by shareholders due to an extremely generous bonus package despite his dubious performance as chairman and previously as CEO, another shareholder revolt in February 2004 had caused the company to abandon the appointment of Sir Ian Prosser as chairman and Justin King had been appointed chief executive in March 2004. Hampton was described by then BBC Business Editor Jeff Randall as ''"a well-respected City figure"'' and a ''"safe pair of hands".'' Under the King/Hampton leadership Sainsbury's regained some market share and in June 2006 reported its highest sales increase in four years. In November 2009, David Tyler took over as chair of Sainsbury's. In the 2004 Budget, Hampton was asked to lead a review of regulatory inspection and enforcement. This review produced the
Hampton Report Reducing administrative burdens – effective inspection and enforcement (the Hampton Report) is a March 2005 UK publication produced under businessman Philip Hampton. The UK Statutory Code of Practice for Regulators is based on its recommendations ...
, which led to the
Regulatory Enforcement and Sanctions Act 2008 The Regulatory Enforcement and Sanctions Act 2008 is an Act of the Parliament of the United Kingdom which is designed to provide for more consistent enforcement of regulations across local authority boundaries, better co-ordination between local ...
. Hampton was knighted in the
New Year Honours 2007 The New Year Honours 2007 were appointments by some of the 16 Commonwealth realms to various orders and honours to recognise and reward good works by citizens of those countries. The New Year Honours are awarded as part of the New Year celebrati ...
.


RBS

On 3 November 2008, the government created UK Financial Investments Limited, and Philip Hampton was appointed as its first chairman. The company was set up to manage the UK government's shareholding in banks, which it had gained from banks subscribing to its recapitalisation fund during the
2008 financial crisis 8 (eight) is the natural number following 7 and preceding 9. In mathematics 8 is: * a composite number, its proper divisors being , , and . It is twice 4 or four times 2. * a power of two, being 2 (two cubed), and is the first number of t ...
. He resigned to join
Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...
as deputy chairman on 19 January 2009 and was promoted to chairman on 3 February the same year. At that time, UK Financial Investments was majority shareholder of RBS, owning 58%. In December 2009, the board of RBS warned their major shareholder, the British public, that they would resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm. The matter received heavy criticism because it followed a £42bn taxpayer bailout of the banking system. In January 2012, the board of RBS paid a bonus of £963,000 to Stephen Hester, the then chief executive. The Treasury permitted the payment because they feared Mr Hester and much of the board would have quit if the payment had been vetoed by the government as the majority shareholder. Hampton made the decision to turn down his £1.4m bonus before the uproar over Stephen Hester's bonus. He stayed at RBS until September 2015, joining GlaxoSmithKline until August 2019.


References

{{DEFAULTSORT:Hampton, Philip 1953 births Living people Alumni of Lincoln College, Oxford INSEAD alumni Coopers and Lybrand people British Telecom people Lloyds Banking Group people Place of birth missing (living people) Sainsbury's people NatWest Group people British accountants Knights Bachelor British chairpersons of corporations Businesspeople awarded knighthoods