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The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what the names are of (a) the 16 priority investors selected and (b) the 21 priority investors under initial consideration by the Government in the privatisation of Royal Mail.

Michael Fallon

All investors in Royal Mail, whether individuals or institutions, have a legitimate expectation of privacy. It would not be appropriate to disclose the list of institutions that were allocated shares in the Initial Public Offering (IPO) or the names of investors that participated in the investor engagement prior to the IPO.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what process the Government adopted to (a) identify and (b) select priority investors in the recent Royal Mail privatisation.

Michael Fallon

The process of investor engagement commenced 12 months prior to the Initial Public Offering (IPO). In the initial period, Royal Mail’s management met with over 60 high quality institutions to educate them about the business. During pilot fishing in early September 2013, the management team and the Government’s banking advisers engaged further with a focused group of 21 well-informed and longer-term investors. Initial indications of potential demand were received from this group; this gave the Government the confidence to proceed with announcing the Intention to Float on 12^th September 2013.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, for what reasons details of arrangements with priority investors in respect of the privatisation of Royal Mail were not published at the time of that privatisation.

Michael Fallon

The Government did not enter into any direct arrangements with investors. All institutional investors entered into agreements with the underwriting banks (the syndicate) to purchase their allocated shares at the offer price. This is standard practice and applied to all investors.

Details of individual allocations were not disclosed because all investors in Royal Mail – whether individuals or institutions – have a legitimate expectation of privacy.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what incentives were (a) offered to (b) accepted by priority investors in relation to Royal Mail privatisation.

Michael Fallon

No incentives were offered to priority investors.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how many apprentices aged (a) 16 to 18, (b) 19 to 24 and (c) 25 years or over are employed at each of his Department’s executive agencies, non-departmental public bodies and associated bodies and agencies.

Matthew Hancock

I have asked chief executives of the Executive agencies to respond directly to the Hon Member.

Until 2013, the Department for Business, Innovation and Skills did not keep a record of the age of internal apprentices. The table shows the age of both externally recruited apprentices since 2010 and ages of those apprentices embarking on the Departments’ internal apprenticeship programme in 2013. The 2013 figure refers to the ages of those on the Departments’ internal programme. There are no externally recruited apprentices in the 25 years or over category.

	2010	2011	2012	2013
16 to 18	0	0	0	1
19 to 24	2	1	2	11
25 years or over	0	0	0	16

The Department for Business Innovation and Skills currently has 53 apprentices. We have had 4 successful completions this year.

16 of these 53 apprentices are under the age of 21 with a further 6 apprentices under 21 expected to join the Department later in the year.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what (a) discussions and (b) correspondence has taken place between (i) his Department, (ii) Royal Mail, (iii) banks acting as bookrunners, co-ordinators and lead managers and (iv) priority investors since the privatisation of Royal Mail took place; and if he will publish any such relevant correspondence.

Michael Fallon

Since the Initial Public Offering, my Department has had discussions with Royal Mail in our continuing role as a minority shareholder in Royal Mail.

There has been ad hoc contact with the Global Co-ordinators primarily to help with enquiries about the IPO but no formal correspondence.

It is not appropriate to publish correspondence relating to the above on the grounds that it relates to our shareholding or has been provided to help develop Government policy and to do so would inhibit the free and frank advice or exchange of views for the purposes of internal deliberation.

This Department has not had discussions or corresponded with the priority investors.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how many apprentices aged (a) 16 to 18, (b) between 19 and 24 and (c) 25 years or over are employed at the Competition and Markets Authority.

Matthew Hancock

The Competition and Markets Authority employs no apprentices at this time.

As a supporter of apprenticeships, the Government launched the first Civil Service Fast Track Apprenticeship Scheme in 2013.

As at September 2013, the most recent date for which figures are available, the Civil Service Fast Track Apprenticeship Scheme had 100 18-21 year old apprentices employed in permanent posts across government on the 2-year scheme.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what (a) verbal and (b) contractual agreement was made with priority investors in relation to their shareholders during the privatisation of Royal Mail.

Michael Fallon

No verbal or contractual agreement of any description – including future intentions for shareholdings – was made between the Government and any investor in the Royal Mail Initial Public Offering (IPO). Any suggestion that there was a “gentleman’s agreement” is false.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what correspondence there was between (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers (i) with and (ii) on priority investors; and if he will publish any relevant correspondence.

Michael Fallon

The Department has not seen and does not hold copies of any correspondence between Lazard or the Syndicate of banks selling Royal Mail shares and the priority investors.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what involvement (a) the bank acting as financial adviser to the Government and (b) banks acting as bookrunners, co-ordinators and lead managers had in discussions with priority investors on the privatisation of Royal Mail.

Michael Fallon

Together with Royal Mail’s management team, the Government’s independent financial adviser (Lazard) and members of the banking syndicate met with the priority investors throughout the investor engagement process. The banking advisers also met with over 500 institutional investors. The purpose of this engagement was to educate investors about the business and secure indications of potential demand and valuation.