The board of Tony Hayward’s new energy fund, Vallares, which will see the former head of BP return to British corporate life, is taking shape. George Rose, the former finance director at BAE Systems, the defence contractor, is in talks to take up the position of chair of the audit committee.
If he agrees, it would be a good catch for Hayward. Rose, who stepped down from the board of BAE in March this year, was well-respected during his time at the defence company. He is currently also a non-executive director at National Grid, a position he has held since 2002, and where he chairs the audit committee, and was until recently a candidate for its chairmanship.
Rose’s possible appointment (first reported by Sky New’s Mark Kleinman this morning) would complete a line-up of other non-executive directors from the oil and gas industry.
Jim Leng, the former chairman of Corus, Sir Graham Hearne, the former chairman of Enterprise Oil, the oil and gas independent that was bought by Royal Dutch Shell, and Rodney Chase, former chairman of Petrofac, have all agreed to join.
Including Hayward the two other founders of Vallares are Nat Rothshild and Julian Metherell, the former Goldman Sachs banker. The fund will be modelled on Vallar, the natural resources fund Rothschild listed in London last year.
Market sources suggest Vallares will aim to raise about £1bn from a listing and an announcement of the intention to list is expected early next month. Credit Suisse and JP Morgan Cazenove are advising.