Room for foreigners at top of Rolls-Royce

By Daily Mail Reporter
Updated:

 

Aerospace group Rolls-Royce has received a green light to appoint a foreign chairman or chief executive for the first time in its history.

Rolls Royce 200EX

The Department for Business said the government has given its backing to a change in the rules, which will be voted on by shareholders on Friday.

At the moment, the two top jobs at Rolls must be filled by British nationals under the terms of a 'golden share' agreement with the government, which protects the defence specialist from foreign takeover.

Under the new rules, one of the top two jobs will still have to be occupied by a British national.

If a foreign chief executive is hired, the company will set up a UK security committee to deal with key national defence issues that will be attended only by British directors.

There is as yet no date set for the retirement of current chairman Sir Simon Robertson.

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