Rishi Sunak, the Conservative former Prime Minister, is embarking on a new chapter in his career, taking on an advisory role with the renowned investment bank Goldman Sachs. This marks a return to his roots in the financial industry, as he previously worked for the bank in the early 2000s. His responsibilities will involve providing expert counsel to Goldman Sachs clients on a range of economic and geopolitical subjects.
A crucial safeguard against potential conflicts of interest is the one-year prohibition on Sunak lobbying the government for Goldman Sachs. Furthermore, in a move demonstrating his commitment to public good, Sunak has pledged to donate his entire salary from this advisory position to the Richmond Project, a charitable endeavor he established to encourage numeracy skills.
The Advisory Committee on Business Appointments (Acoba) meticulously reviewed the appointment, setting standard conditions, including a two-year ban on lobbying from his departure from ministerial office in July 2024. While Acoba flagged a potential risk concerning Sunak’s previous oversight of the “Edinburgh reforms,” which were beneficial to financial institutions, they also highlighted his minimal direct involvement in the policy’s development.
David Solomon, the chief executive of Goldman Sachs, conveyed his enthusiasm about Sunak’s return. Since concluding his tenure as Prime Minister, Sunak has largely maintained a quiet presence, taking on academic roles at Oxford University and Stanford in the US. His significant personal wealth, estimated at £640 million with his wife, continues to be a notable aspect of his public profile.