Richard Sharp (banker)
Richard Sharp | |
|---|---|
| Born | February 8, 1956 London, England |
| Occupation(s) | Banker, Chairman of the BBC (2021–2023) |
| Years active | 1978–present |
| Known for | Chairman of the BBC, banker at JP Morgan and Goldman Sachs, Conservative Party benefactor |
Richard Simon Sharp (born 8 February 1956) is a British ex-banker who assumed the position of chairman of the BBC in February 2021. After the Heppinstall inquiry scrutinized his appointment, he stepped down from both the BBC Board and his chairmanship in June 2023.
Sharp’s professional background includes roles at JP Morgan and Goldman Sachs, where he supervised future Prime Minister Rishi Sunak. He held the chair at the Royal Academy of Arts from 2007 to 2012 and was a member of the Bank of England's Financial Policy Committee between 2013 and 2019. His association with Sunak was considered beneficial during licence fee negotiations between the BBC and the government.
A notable Conservative Party benefactor, Sharp donated upwards of £400,000 and arranged an £800,000 loan for then-Prime Minister Boris Johnson, which led to the inquiry precipitating his departure.
Early life
Born on 8 February 1956 into a Jewish family in London, Richard Simon Sharp is the son of Eric Sharp, Baron Sharp of Grimsdyke, who chaired Cable & Wireless plc from 1980 until 1990. His twin sister, Dame Victoria Sharp, serves as president of the King's Bench Division of the High Court.
He attended Merchant Taylors' School, Northwood before studying at Christ Church, Oxford, where he graduated in 1978 with a degree in Philosophy, Politics and Economics.
Career
Sharp spent eight years at JP Morgan prior to joining Goldman Sachs, dedicating 23 years there and ultimately chairing its principal investment division in Europe until his departure in 2007. During this period, he was also the superior of Rishi Sunak at Goldman Sachs.
He provided advice to Boris Johnson during Johnson’s time as Mayor of London and acted as an unpaid consultant to Sunak on the UK's economic strategy amid the COVID-19 pandemic. Between 2013 and 2019, Sharp served on the Bank of England's Financial Policy Committee. In 2014, he became a senior figure at property investment firm RoundShield Partners, remaining until February 2021. RoundShield managed a £50 million loan to Caridon Property, which attracted criticism for converting former office spaces into housing for low-income residents.
Additionally, Sharp chaired the Royal Academy of Arts from 2007 through 2012.
BBC chairmanship
In January 2021, Richard Sharp was appointed as chairman of the BBC, taking over from David Clementi. Upon assuming the role, he pledged to donate his £160,000 annual BBC salary to charitable causes.
Conservative donations
In January 2023, The Guardian disclosed that Sharp had contributed more than £400,000 to the Conservative Party and was previously a director at the Centre for Policy Studies, a think tank historically aligned with Conservative interests. His selection came shortly after Tim Davie, a former Conservative council candidate, became Director-General. Critics such as former BBC Trust member Diane Coyle contended that Sharp should not have participated in the selection panel.
Just weeks before his appointment as chairman, Sharp facilitated an £800,000 loan for then-Prime Minister Boris Johnson by connecting him with guarantor Sam Blyth, a Canadian businessman and distant relative of Johnson. Sharp did not reveal this involvement during his appointment process or related committee hearings but denied any conflict of interest. Johnson maintained that Sharp was unaware of his personal financial situation.
Following these disclosures, the Labour Party demanded an investigation into Sharp’s appointment and alleged misconduct by Johnson. The Cabinet Office rejected these allegations, affirming that Sharp was appointed based on merit. The BBC Board conducted a review regarding possible conflicts; Sharp stated he would remain in position.
Observers like Roger Bolton likened Sharp’s case to previous politically connected BBC chair appointments and stressed that ending political appointments is essential to rebuild public confidence. The Digital, Culture, Media and Sport Committee found that Sharp’s omission of critical information hindered adequate scrutiny and raised doubts about his appropriateness for the role. Labour MP Lucy Powell and Liberal Democrat MP Daisy Cooper condemned perceived cronyism and called for further inquiries.
Broadcaster Jonathan Dimbleby advocated for Sharp’s resignation, while journalist Patience Wheatcroft expressed reservations about his judgment given his role in arranging Johnson’s loan shortly before becoming chairman. Former Guardian correspondent Richard Norton-Taylor observed that this episode highlights longstanding close relationships between the BBC and Britain’s establishment. In March 2023, ex-BBC Director-General John Birt described Sharp as unfit for chairmanship and attributed governance lapses to failures in the appointment process.
Suspension of Gary Lineker
After the BBC suspended Match of the Day host Gary Lineker on 10 March 2023, numerous politicians and commentators demanded the resignation of BBC chair Richard Sharp. Labour leader Keir Starmer described Sharp’s role as becoming "increasingly untenable," while Mark Ruskell, culture spokesperson for the Scottish Greens, insisted that Sharp must step down immediately to maintain confidence in the BBC's impartiality. Ed Davey, leader of the Liberal Democrats, called on Prime Minister Sunak to "do the right thing and remove Richard Sharp."
Investigation and resignation
An inquiry into Sharp’s appointment was initiated by the Office of the Commissioner for Public Appointments. On 6 February 2023, the Commissioner recused himself due to previous interactions with Sharp, appointing barrister Adam Heppinstall to oversee the investigation.
The report authored by Heppinstall was released on 28 April 2023, after which Sharp announced his resignation, effective from 27 June 2023. Culture Secretary Lucy Frazer praised Sharp’s contributions and remarked that he was "held in high regard by the BBC board."
Rowson cartoon controversy
On 29 April 2023, The Guardian issued an apology and withdrew a cartoon by Martin Rowson that portrayed Sharp in a negative light and was criticized for containing anti-Semitic imagery, stating it "fell short of our editorial standards." Jewish historian Simon Sebag Montefiore condemned it as a "repellent explicitly racist cartoon." Rowson also expressed regret through a statement on Twitter.
Personal background
Richard Sharp is of Jewish heritage. In 1987, he wed Victoria Hull, an American banker formerly with Goldman Sachs, in Connecticut. The couple has three children. As of October 2008, they resided in Kensington with an estimated net worth around £500 million. Sharp also has a daughter from a previous marriage.
Between 2001 and 2019, Sharp contributed approximately £410,000 to the Conservative Party, with over 90% donated between 2004 and 2010. Additionally, his charity, the Sharp Foundation, gave £35,000 to the Quilliam think tank. He explained his support for Quilliam was motivated by founder Maajid Nawaz's initiatives against radicalism and extremism.