Lord Myners – the unlikely but likeable steward
January 21, 2022
Paul Myners, Lord Myners, known as one of the busiest men in the City, had a fundamental impact on the world of British business and finance.
Coming from humble beginnings, Myners was adopted as a young child from an orphanage in Bath. His early career saw him become a teacher, before making the move to the City, where he initially struggle to be noticed. This only fuelled his drive for success.
After two years working for the stockjobber Wedd Durlacher, Myners was posted to Kuala Lumpur with N M Rothschild & Sons, later becoming a director in 1977. Seizing the opportunity this created, he transitioned into work as a professional board director for much of his career. Myners served as Chairman of the Gartmore Group, Land Securities, and Marks & Spencer.
In his later years, Myners took on a number of third sector and public service posts, including chairman of the trustees of the Tate, chairman of the Guardian Media Group, chairman of the Low Pay Commission and non-executive director of the Bank of England.
Myners took social change as seriously as running the many businesses he had a hand in. He chaired the Low Pay Commission from 2006 until 2008 and stood as president of the Howard League for Penal Reform. The Guardian reported her “was scathing about prison conditions and would take guests to lunch in prisons to make his point.”
In 2001 Myners authored a review on “Institutional Investment in the UK” for the British government. The influential report resulted in widespread adoption of a recommended code of conduct for pension funds and the professionalization of the pension fund industry. The Myners report established several principles, known as ‘The Myners Principles’, that became a central resource for resolving the lack of investment expertise facing many pension fund trustees.
His work with the government and his experience as an influential leader saw him elevated to the house of Lords as a life peer in 2008 under the Labour government of Gordon Brown. During this critical period of global financial crisis, Lord Myners served as City Minister and spearheaded infamously strict conditions to rescue British banks from their woes. His 2008 United Kingdom bank rescue package was controversial but generally considered successful.
In 2014, Myners resigned from the House of Lords to become a non-affiliated member. Later, in 2015, he joined the crossbench group to apply his business expertise independent of political influence. Beyond his time in government, Myners famously assisted the troubled Co-operative group during its financial hardships, where he insisted on payment of £1. He also served in a number of leadership roles in academia.
Myners pursued a vibrant personal life, having married twice; first, to Tessa Stanford-Smith, a teacher with whom he had three daughters; and second, to Alison Macleod, former chair of the Contemporary Art Society, with whom he had a daughter and a son. Both marriages ended in divorce. He is survived by his children and five grandchildren.
Paul Myners, Lord Myners, businessman and politician, born 1 April 1948; died 16 January 2022.
Last Updated: 21 January 2022