UK Government Sets Out National-Security Requirements for E&, Vodafone Link-Up
2024年1月26日 - 12:41AM
Dow Jones News
By Ian Walker
The U.K. government has set out requirements that Vodafone Group
and largest shareholder Emirates Telecommunications Group Co. must
comply with in their relationship, saying that the UAE state-owned
company's potential influence at Vodafone could trigger a
national-security risk.
The potential risk to national security relates to Vodafone's
role in the U.K. government's initiatives in the telecommunications
sector and contribution toward cyber security, the Secretary of
State said in a statement on its website dated Wednesday. It said a
security risk could arise from Vodafone's ability to act as a
supplier to the government, including departments that are in
support of national security.
Emirates Telecommunications--known as E&--has a 14.6%
shareholding in Vodafone.
The companies must establish a National Security Committee to
oversee sensitive work that Vodafone and its group perform which
has an impact on, or about the national security of the U.K., the
government said.
They must also notify the government of any changes to their
relationship agreement and meet requirements to Vodafone's board
composition as well as changes to board committee membership and
functions.
Last May, Vodafone and E& agreed to a strategic
relationship, with the latter becoming a cornerstone shareholder in
the U.K. telecom company.
At the time, Vodafone said the relationship would enable
collaboration in a range of areas, including cross-border digital
services, fixed and mobile connectivity, procurement roaming.
It also said that E& chief executive would join the Vodafone
board as a nonexecutive director as long as E& maintained its
shareholding of 14.6%. E& would also have the ability to
nominate a second nonexecutive director if its shareholding exceeds
20%, Vodafone said at the time.
"We are pleased to have received clearance in our home market
for our strategic relationship agreement with E&, and for
E& to take a seat on our board," a Vodafone spokesperson said
Thursday.
E& didn't immediately respond when approached for
comment.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 25, 2024 10:26 ET (15:26 GMT)
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