Privatisation and asset sales (click icon to read the full report)

Corporate finance in the public sectorThe National Audit Office perspective - presented in 7 major public reports

Infrastructure financing and investmentGovernment companies and financial institutions

Contact Matthew Rees by email or telephone: 07921 777533

Biography: Matthew Rees gained a BSc in Economics at the London School of Economics, trained and qualified as a

Chartered Accountant (FCA) in KPMG’s public sector audit team, was promoted to Manager by KPMG Corporate Finance

where he specialised in business valuations and gained his Chartered FCSI designation before embarking on an investment

banking career. Matthew was a Vice President at Merrill Lynch and Deutsche Bank and an Executive Director at JP Morgan,

focusing on the Technology, Media & Telecom advisory sectors. Matthew has executed a wide range of IPOs, mergers and

acquisitions and financing transactions across the EMEA region. During his public service career Matthew has advised the

UK Competition Commission in relation to approximately one third of its merger inquiry caseload (time period: ‘08-’13), led

the oversight of the break-up of airports group BAA and provided advice concerning the economic regulation of the water

and telecom sectors. Matthew joined the National Audit Office in 2014 to create and direct a new team focusing on value for

money reviews of government corporate finance transactions. He has published 7 reports in a 24 month period for the NAO

and supported 3 Public Accounts Committee hearings including: the £2bn privatisation of Royal Mail, £0.8bn sale of

Eurostar, the disposal of public land for new homes, HM Treasury’s £40bn guarantee scheme for infrastructure,

government’s choice of finance for capital investment, and a review of the government’s £222bn portfolio of 54 financial

institutions and 3,038 companies. Matthew is a regular contributor to the Chartered Institute for Securities and Investment’s

continuing professional development events and publications, participates in a wide range of speaking engagements,

academic lectures and runs a series of NAO events.

Matthew Rees. Director – Corporate Finance, NAOAvailable as a discussion panellist or speaker on behalf of the NAO at events and conferences in

relation to: privatisation and asset sales; disposal of public land; infrastructure financing and capital

investment; corporate finance in government and the public sector; parliamentary accountability and

value for money.

Version: December 2015

About the NAO: The National Audit Office scrutinises public spending for Parliament and is independent of government.

The Comptroller and Auditor General (C&AG), Sir Amyas Morse KCB, is an Officer of the House of Commons and leads the

NAO, which employs some 810 people. The C&AG certifies the accounts of all government departments and many other

public sector bodies. He has statutory authority to examine and report to Parliament on whether departments and the

bodies they fund have used their resources efficiently, effectively, and with economy. Our studies evaluate the value for

money of public spending, nationally and locally. Our recommendations and reports on good practice help governmentimprove public services, and our work led to audited savings of £1.15 billion in 2014.