Tim Parker's Financial Interests: Is This OK?

I've had second look at Tim Parker's TfL Confirmation Hearing in order to pay closer attention to the bit where John Biggs asked him about his financial affairs. I'm no expert in these matters, but here's a transcript of a section that might interest someone who is.

Biggs: In terms of transparency and Londoners, you're a wealthy man...there are issues of transparency and potential conflict. How have you dealt with those in terms of managing your portfolio of other activities?

Parker: Well...I don't have a portfolio of outside activities, bar one directorship and I also do a number of charity things but they're not big time commitments. And my affairs are very much...I don't have shares specifically in any major supplier as far as I'm aware, you know to any of these [GLA] organisations....I would see myself as in a good place which is that I'm not dependent. I'm financially independent, I've got no axe to grind, I own no businesses that do business with any of these agencies, I'm genuinely here because I want to make a difference. I can't think of a better position to be in.

Biggs: How will you ensure that is the case that there aren't any potential conflicts? You do own shares in a number of companies...

Parker: "Most of my affairs are conducted through funds or larger entities that hold investments on a sort-of arm's length basis so...I have looked carefully at any significant shareholdings that I have to make sure that...you know, I own shares in a FTSE 100 company that's a big caterer. And I checked to make sure that we're not using their services but on almost every other front, I can't see any possible...I just can't see that being a major issue."

Biggs: "Insofar as you have influence over those companies have you taken steps to ensure that there is no risk of conflict between your exercising those interests and your exercise of office here?"

Parker: "Yes I have and I will, and actually the biggest risk is not the sort of ownership risk in my view, it's the risk that emanates from being tapped up by a variety of clients. You know, let's introduce ourselves, we haven't seen you for a bit and by the way we're interested in helping you out and this and that. That's part and parcel of the role."

Biggs: "Have you put your assets into blind trusts or something like that?"

Parker: "Well not in blind trusts but they're not...you know I've sort of made my decisions and it's managed by a manager and I'm not about to instruct him to make any changes as a result of what I'm doing at TfL."

Biggs: "And are your assets in the UK?"

Parker: "My assets are in all sorts of different markets, I'm an international investor I don't believe in putting it all in one country."

Is that all in order as far as transparency goes? Is the lack of a blind trust a problem? These aren't loaded questions; they are those of an inquisitive ignoramus and I'd be genuinely interested to hear from any reader with specialist knowledge of such matters. Also, I inquired yesterday about why Parker's GLA profile has no declaration of interests. I'm told this will appear when his employment as First Deputy begins on 7th July, and it will be interesting to see what it contains.