According to the most recent register of interests for MPs, Dominic Raab is seeking guidance on leadership and career transition as he begins a new role with a private equity mining company, which will pay him £118,000 annually.
The ex-deputy prime minister, who will not run for re-election, disclosed receiving a gift of pro bono services valued at £20,000 from Manchester Square Partners. The company characterizes itself as a confidential and strategically-minded advisor to leaders, aiming to empower them to take charge of their own destinies.
Raab has utilized “career transition” services instead of participating in leadership training.
In April of last year, Raab resigned from his position in the government following a report that accused him of bullying and behaving in a threatening manner towards government employees. He disagreed with the report, arguing that its findings were concerning because they established a very low standard for defining bullying.
In May, he declared his intention to resign from his position as an MP after the upcoming election.
In addition to his position as an MP, Raab has assumed a new role as a high-level strategic consultant for Appian Capital, a private equity firm that focuses on investing in critical mineral mining.
He is charging £118,000 a year for his services, plus any applicable VAT, through a personal services company called Reya.
Raab established Reya, a company where he serves as a non-salaried director, to handle public speaking events and provide paid consulting services. Any earnings received through the company, instead of as regular salary, are subject to dividend tax rather than income tax.
Many Conservative Members of Parliament, including Raab, are taking on additional jobs to supplement their income as they face an upcoming election where some are expected to either retire or face defeat.
Theresa May, the previous prime minister, has announced that she has taken on an additional unpaid role as an adviser for a company called NorthStar. Meanwhile, Michael Ellis, a former minister, has registered a position as a senior adviser at Candey, a law firm, with an annual salary of £70,000.
Sir Graham Brady, a Member of Parliament, recently added a new role to his job portfolio. Through his company, Graham Brady Consulting, he acquired a £36,000-a-year position as a non-executive director for the Scottish pharmaceutical company Medannex.
In November, Conservative member of parliament Mark Pritchard disclosed a new role where he earns £9,000 per month for offering marketing advice to ATS Group, a company based in North Macedonia that specializes in technology, high-quality composite ballistic products, and small-caliber ammunition production.
In August of last year, data revealed that Members of Parliament had earned a total of £10 million from additional jobs and self-employed work in the previous year. This increase was largely influenced by former Conservative ministers taking on numerous high-paying positions.
The study examined all Members of Parliament who earned over £1,000 in the previous year, not including earnings from survey completion. Even after removing Boris Johnson’s £4.8 million, around 90 other Conservative MPs earned a total of approximately £4.75 million, which is higher than the previous year’s total of around £4 million.
In 2022, the plans to limit the income of MPs from secondary jobs were abandoned by the government. This decision came months after the topic sparked a scandal involving corruption and caused turmoil within Johnson’s administration.
After the lobbying scandal involving Owen Paterson and public outcry over Geoffrey Cox’s earnings of £6 million as a lawyer while serving in parliament, a promised crackdown was implemented. This included voting by proxy on days when he was working for pay.
Source: theguardian.com
