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| Behind the pomp with Fiona Woolf, the lord mayor of the City of London | Behind the pomp with Fiona Woolf, the lord mayor of the City of London |
| (7 months later) | |
| After a wide-ranging discussion of the duties of the lord mayor of London over tea and a biscuit in her cavernous Mansion House office, the 686th holder of the title, Fiona Woolf, reflects: "I do think, if you didn't have the role … you'd have to invent it." | After a wide-ranging discussion of the duties of the lord mayor of London over tea and a biscuit in her cavernous Mansion House office, the 686th holder of the title, Fiona Woolf, reflects: "I do think, if you didn't have the role … you'd have to invent it." |
| With London's financial industry set firmly against a wave of regulatory incursions arriving from Brussels – measures ranging from caps on bonus pay to proposals for a financial transaction tax – rarely has the City so valued its official champion. | With London's financial industry set firmly against a wave of regulatory incursions arriving from Brussels – measures ranging from caps on bonus pay to proposals for a financial transaction tax – rarely has the City so valued its official champion. |
| The lord mayor sits at the top of the City of London Corporation, which oversees the financial district at the heart of the capital known as the Square Mile. It is the only local government authority in Britain whose members are elected predominantly by voters appointed by companies – including international banks that reside in the Square Mile. Those voters outnumber the 6,804 resident-voters on the Square Mile electoral roll by more than two to one. | The lord mayor sits at the top of the City of London Corporation, which oversees the financial district at the heart of the capital known as the Square Mile. It is the only local government authority in Britain whose members are elected predominantly by voters appointed by companies – including international banks that reside in the Square Mile. Those voters outnumber the 6,804 resident-voters on the Square Mile electoral roll by more than two to one. |
| The tricorn hat and gown occasionally sported by this 66-year-old corporate lawyer belies a sharp lobbying expertise. | The tricorn hat and gown occasionally sported by this 66-year-old corporate lawyer belies a sharp lobbying expertise. |
| Woolf explains that the corporation's role is far from limited to collecting refuse, handing out parking tickets and overseeing the City's small police force. Much of her time is spent overseas. "I've just come back from Latin America – Uruguay, four stops in Brazil, Mexico City. Stopped in Madrid on the way back to take the pulse on the European agenda, then back here for a day. Then off to Brussels … | Woolf explains that the corporation's role is far from limited to collecting refuse, handing out parking tickets and overseeing the City's small police force. Much of her time is spent overseas. "I've just come back from Latin America – Uruguay, four stops in Brazil, Mexico City. Stopped in Madrid on the way back to take the pulse on the European agenda, then back here for a day. Then off to Brussels … |
| "I receive so many inward visits, and I'm able to pull the right people into the room for the right meetings: two presidents, four prime ministers, three finance ministers, two governors of central banks. I could go on." | "I receive so many inward visits, and I'm able to pull the right people into the room for the right meetings: two presidents, four prime ministers, three finance ministers, two governors of central banks. I could go on." |
| The lord mayor's role is as "an ambassador", she says. "I am quite often extolling the virtues of the global experience that we have, because the UK is a small domestic market and is something of a trampoline for bouncing out all over the rest of the world." | |
| Not a penny of her expenses in these missions is borne by council tax-payers or ratepayers, however, as the cost is met from the Corporation's £1.8bn City's Cash endowment fund. An eclectic mix of investments, including London's prime fish and meat markets at Billingsgate and Smithfield; Hampstead Heath and Epping forest; and three of the UK's top private schools. | Not a penny of her expenses in these missions is borne by council tax-payers or ratepayers, however, as the cost is met from the Corporation's £1.8bn City's Cash endowment fund. An eclectic mix of investments, including London's prime fish and meat markets at Billingsgate and Smithfield; Hampstead Heath and Epping forest; and three of the UK's top private schools. |
| This fund last year generated income of £140m towards bankrolling the additional expenditures of Woolf and the corporation above and beyond their local authority obligations. Other uses of City's Cash income include contributions to the lord mayor's show and the hosting of the annual Mansion House bankers' dinner, at which the chancellor of the exchequer traditionally delivers his most important policy speech of the year. | This fund last year generated income of £140m towards bankrolling the additional expenditures of Woolf and the corporation above and beyond their local authority obligations. Other uses of City's Cash income include contributions to the lord mayor's show and the hosting of the annual Mansion House bankers' dinner, at which the chancellor of the exchequer traditionally delivers his most important policy speech of the year. |
| The City's Cash fund enjoys an exemption from corporate tax and, a historical oddity tracing its roots back to the 15th century, is not governed by any statute from Westminster. | The City's Cash fund enjoys an exemption from corporate tax and, a historical oddity tracing its roots back to the 15th century, is not governed by any statute from Westminster. |
| In the wake of the financial crisis three years ago, some Occupy London protesters, camped outside St Paul's Cathedral and on patches of grass across the City, suggested that the lord mayor's role should be abolished, along with the corporation's lobbying activities on behalf of those powerful financial interests that dominate its peculiar electorate. They also called for a democratising of the corporation, disenfranchising company-selected voters and opening up to public accountability the authority's darkest corners, where currently the Freedom of Information Act does not reach. | In the wake of the financial crisis three years ago, some Occupy London protesters, camped outside St Paul's Cathedral and on patches of grass across the City, suggested that the lord mayor's role should be abolished, along with the corporation's lobbying activities on behalf of those powerful financial interests that dominate its peculiar electorate. They also called for a democratising of the corporation, disenfranchising company-selected voters and opening up to public accountability the authority's darkest corners, where currently the Freedom of Information Act does not reach. |
| These protesters weren't the first to call for radical change. Herbert Morrison, former Labour home secretary and the grandfather of Peter Mandelson, had called for the Corporation to go almost 100 years ago. He judged it "the home of the devilry of modern finance" wrapped up in "pretentious buffoonery". It remained popular target for Labour activists for much of the 20th century, though the party's abolitionist zeal waned with the rise of New Labour. | These protesters weren't the first to call for radical change. Herbert Morrison, former Labour home secretary and the grandfather of Peter Mandelson, had called for the Corporation to go almost 100 years ago. He judged it "the home of the devilry of modern finance" wrapped up in "pretentious buffoonery". It remained popular target for Labour activists for much of the 20th century, though the party's abolitionist zeal waned with the rise of New Labour. |
| While Woolf's recent predecessors have largely kept a low profile in the UK, faced with public fury at the banking crisis and a string of scandals emanating from City, the current lord mayor has watched the grass slowly growing back where once the Occupy protesters camped. | While Woolf's recent predecessors have largely kept a low profile in the UK, faced with public fury at the banking crisis and a string of scandals emanating from City, the current lord mayor has watched the grass slowly growing back where once the Occupy protesters camped. |
| She points to the green shoots of economic recovery. "It's a great moment to be lord mayor, being able to look to the future and say to finance ministers and governors of central banks and mayors of cities ... it's all about growing the cake for both our countries. Cooking is good for you. It's as simple as that." | She points to the green shoots of economic recovery. "It's a great moment to be lord mayor, being able to look to the future and say to finance ministers and governors of central banks and mayors of cities ... it's all about growing the cake for both our countries. Cooking is good for you. It's as simple as that." |
| Back in the UK, meanwhile, Woolf has been gently repairing the image of the corporation, and the financial industry it champions, casting it as more socially responsible. Initiatives include programmes to bring greater diversity to the City in terms of gender, sexuality and ethnicity. | Back in the UK, meanwhile, Woolf has been gently repairing the image of the corporation, and the financial industry it champions, casting it as more socially responsible. Initiatives include programmes to bring greater diversity to the City in terms of gender, sexuality and ethnicity. |
| Only the second woman to become lord mayor – on a single one-year term – Woolf confesses to not always having had such considerations in mind during her career as a corporate lawyer. This despite finding herself on the receiving end of prejudice. In one recent speech she recalled how she once asked to be made a partner at what is now the CMS Cameron McKenna law firm because the senior partner "assumed that, as a woman, I would not want the pressure". She adds that the firm has changed since then. | Only the second woman to become lord mayor – on a single one-year term – Woolf confesses to not always having had such considerations in mind during her career as a corporate lawyer. This despite finding herself on the receiving end of prejudice. In one recent speech she recalled how she once asked to be made a partner at what is now the CMS Cameron McKenna law firm because the senior partner "assumed that, as a woman, I would not want the pressure". She adds that the firm has changed since then. |
| Showcase events that Woolf has hosted at Mansion House – the Georgian town palace located opposite the Bank of England that becomes the official residence of each lord mayor during his or her term – include the City's first Pride dinner in celebration of lesbian, gay, bisexual and transgender City workers. Another high-profile occasion was an Inclusive Capitalism conference in May, convened in conjunction with Lynn Forester de Rothschild. | Showcase events that Woolf has hosted at Mansion House – the Georgian town palace located opposite the Bank of England that becomes the official residence of each lord mayor during his or her term – include the City's first Pride dinner in celebration of lesbian, gay, bisexual and transgender City workers. Another high-profile occasion was an Inclusive Capitalism conference in May, convened in conjunction with Lynn Forester de Rothschild. |
| The conference attracted a stellar lineup of establishment and corporate speakers – Prince Charles, Bank of England governor Mark Carney, IMF boss Christine Lagarde, former US president Bill Clinton and a handful of FTSE 100 chief executives. There were no figures from the Occupy movement. | The conference attracted a stellar lineup of establishment and corporate speakers – Prince Charles, Bank of England governor Mark Carney, IMF boss Christine Lagarde, former US president Bill Clinton and a handful of FTSE 100 chief executives. There were no figures from the Occupy movement. |
| Speakers delivered a barrage of palatable platitudes, counselling greater self-reflection and social responsibility from the business world, but nothing so disruptive as fresh regulation. Little was said of the role of the Lord Mayor, the City of London Corporation, or the activities of closely-allied lobbying groups such as TheCityUK. | Speakers delivered a barrage of palatable platitudes, counselling greater self-reflection and social responsibility from the business world, but nothing so disruptive as fresh regulation. Little was said of the role of the Lord Mayor, the City of London Corporation, or the activities of closely-allied lobbying groups such as TheCityUK. |
| While the lord mayor's "inclusive capitalism" event made the television news bulletins, the more discreet work that she and corporation staff carry out in Westminster, Brussels and beyond, fighting for the interests of high finance in the City, goes largely unreported. | While the lord mayor's "inclusive capitalism" event made the television news bulletins, the more discreet work that she and corporation staff carry out in Westminster, Brussels and beyond, fighting for the interests of high finance in the City, goes largely unreported. |
| But it is here that serious influence is brought to bear. Accounts for the City's Cash fund show that the corporation spent £11.4m last year "promoting UK-based financial services, and related professional services, at home and abroad", and a further £4.2m "supporting and promoting the City's competitiveness". There was a grant, also, of £780,000 to financial industry lobby group TheCityUK. | But it is here that serious influence is brought to bear. Accounts for the City's Cash fund show that the corporation spent £11.4m last year "promoting UK-based financial services, and related professional services, at home and abroad", and a further £4.2m "supporting and promoting the City's competitiveness". There was a grant, also, of £780,000 to financial industry lobby group TheCityUK. |
| The corporation's office in Brussels "helps shape legislation that affects UK business", while privileged access in Westminster – another quirk of history – allows an official, known as the City remembrancer, a seat in the House of Commons under the gallery, from where he is charged with "maintaining and enhancing the City's status and ensuring that its established rights are protected". The remembrancer's office is in daily contact with politicians and departmental officials – efforts that are complemented by the activities of the corporation's chief lobbyist, Mark Boleat. | The corporation's office in Brussels "helps shape legislation that affects UK business", while privileged access in Westminster – another quirk of history – allows an official, known as the City remembrancer, a seat in the House of Commons under the gallery, from where he is charged with "maintaining and enhancing the City's status and ensuring that its established rights are protected". The remembrancer's office is in daily contact with politicians and departmental officials – efforts that are complemented by the activities of the corporation's chief lobbyist, Mark Boleat. |
| Mounting tensions with Europe over tighter regulation have left Woolf, Boleat and the corporation battling on multiple fronts. "We're very much on the front foot with the European agenda," says Woolf, who stresses that more than 80% of her constituents think the UK is better off in the Europe Union than outside it. "I am hopeful of a change in tone [from Brussels]," she adds. | Mounting tensions with Europe over tighter regulation have left Woolf, Boleat and the corporation battling on multiple fronts. "We're very much on the front foot with the European agenda," says Woolf, who stresses that more than 80% of her constituents think the UK is better off in the Europe Union than outside it. "I am hopeful of a change in tone [from Brussels]," she adds. |
| Asked if recent history had not shown that Brussels was wise to try to rein in the financial sector, her otherwise conciliatory tone hardens a little. "I think I would argue they [banks] are already on a shorter leash. The key one is [a requirement to] hold more capital. What we would like them [the European commission] to focus on is some really useful moves towards freeing up long-term finance. | Asked if recent history had not shown that Brussels was wise to try to rein in the financial sector, her otherwise conciliatory tone hardens a little. "I think I would argue they [banks] are already on a shorter leash. The key one is [a requirement to] hold more capital. What we would like them [the European commission] to focus on is some really useful moves towards freeing up long-term finance. |
| "Regulators have to be careful with how they interfere with market forces, because economists will tell you that the best tool they know for innovation and efficiency is a competitive market. And the danger is that by over-regulating they're make the European banks less competitive … We create 'Fortress Europe' at our peril." | "Regulators have to be careful with how they interfere with market forces, because economists will tell you that the best tool they know for innovation and efficiency is a competitive market. And the danger is that by over-regulating they're make the European banks less competitive … We create 'Fortress Europe' at our peril." |
| Woolf suggests a causal link between increased regulation and recent disappointment at the limited flow of credit to small- and medium-sized businesses. | Woolf suggests a causal link between increased regulation and recent disappointment at the limited flow of credit to small- and medium-sized businesses. |
| "You're telling us [the financial sector] to be risk-averse and hold more capital, and there's a cost to that. And you're asking us to demonstrate compliance on a quarterly basis, and we're so busy doing all that we haven't actually got time to look to the long term." | "You're telling us [the financial sector] to be risk-averse and hold more capital, and there's a cost to that. And you're asking us to demonstrate compliance on a quarterly basis, and we're so busy doing all that we haven't actually got time to look to the long term." |
| More typically this hard talk is not aired in public, kept separate from the many traditional events with which the lord mayor is most popularly associated. | More typically this hard talk is not aired in public, kept separate from the many traditional events with which the lord mayor is most popularly associated. |
| "It's part of what the world loves about us," Woolf says, dismissing suggestions that the pomp surrounding her position must make it hard to be taken seriously. "We continue to do all the traditional stuff, which people absolutely love. After all, the whole world stops for … the lord mayor's show." | "It's part of what the world loves about us," Woolf says, dismissing suggestions that the pomp surrounding her position must make it hard to be taken seriously. "We continue to do all the traditional stuff, which people absolutely love. After all, the whole world stops for … the lord mayor's show." |
| In 1660, Samuel Pepys may have described the event in his diary as "poor and absurd", but Woolf insists she enjoys it. "I absolutely love it, yes … It's well-known around the world and it's terribly well received." Moreover, she suggests, in the eyes of overseas observers it can help elevate perceptions of the lord mayor, setting her apart from other ambassadors and industry lobbyists. "When I went to Bahrain, the governor of the central bank came to meet me at the airport. He took me to every meeting. I mean: fantastic!" | In 1660, Samuel Pepys may have described the event in his diary as "poor and absurd", but Woolf insists she enjoys it. "I absolutely love it, yes … It's well-known around the world and it's terribly well received." Moreover, she suggests, in the eyes of overseas observers it can help elevate perceptions of the lord mayor, setting her apart from other ambassadors and industry lobbyists. "When I went to Bahrain, the governor of the central bank came to meet me at the airport. He took me to every meeting. I mean: fantastic!" |
| The pageantry of the show – in which each new lord mayor must progress in a gilded horse-drawn coach, in full regalia and guarded by pikemen, through the City streets before swearing allegiance to the crown – still attracts large crowds every November. | The pageantry of the show – in which each new lord mayor must progress in a gilded horse-drawn coach, in full regalia and guarded by pikemen, through the City streets before swearing allegiance to the crown – still attracts large crowds every November. |
| For those who care to notice, there are symbolic reminders throughout the festivities of the corporation's constitutional semi-detachment from the rest of the apparatus of state. It is an independence laid down in Magna Carta and through which, 800 years later, the City's modern financial industry has found a powerful voice. | For those who care to notice, there are symbolic reminders throughout the festivities of the corporation's constitutional semi-detachment from the rest of the apparatus of state. It is an independence laid down in Magna Carta and through which, 800 years later, the City's modern financial industry has found a powerful voice. |
| "The City has always reinvented itself and made itself modern and relevant," reflects Woolf. "It's quite an achievement to have kept going." | "The City has always reinvented itself and made itself modern and relevant," reflects Woolf. "It's quite an achievement to have kept going." |
| CV: | CV: |
| • Born: 11 May 1948 in Edinburgh (nee Swain) | • Born: 11 May 1948 in Edinburgh (nee Swain) |
| • Family: Married to former Arthur Andersen tax partner Nicholas Woolf and has two stepchildren | • Family: Married to former Arthur Andersen tax partner Nicholas Woolf and has two stepchildren |
| • Interests: Scottish dancing | • Interests: Scottish dancing |
| • Education: Studied law at Keele University; diploma in comparative law from University of Strasbourg | • Education: Studied law at Keele University; diploma in comparative law from University of Strasbourg |
| • Career: Worked as a corporate and banking solicitor at Clifford Chance before joining CMS Cameron McKenna where she is a partner. Worked in Bahrain and later specialised in energy, advising the World Bank on privatisation and energy reforms. | • Career: Worked as a corporate and banking solicitor at Clifford Chance before joining CMS Cameron McKenna where she is a partner. Worked in Bahrain and later specialised in energy, advising the World Bank on privatisation and energy reforms. |
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