John Baker’s New Role at Axiom
John Baker, a former UK Minister, has received the green light to take on an advisory role at Axiom, a venture capital firm specializing in Bitcoin investments.
This decision was made following an in-depth review by the Advisory Committee on Business Appointments (ACOBA), which found no conflicts of interest stemming from Baker’s past governmental duties that might jeopardize the integrity of the UK government.
On November 28, a government report provided details about Baker’s request for ACOBA’s guidance concerning his new position at Axiom.
The committee reinforced the importance of adhering to the seven core principles that govern public life—selflessness, integrity, objectivity, accountability, openness, honesty, and leadership—specifying that Baker must uphold these standards in his advisory capacity.
Background and Axiom’s Focus
Until 2024, Baker served as Minister of State at the Northern Ireland Office.
His recent move to join Axiom follows ACOBA’s conclusion that his ministerial activities had not included any dealings that could benefit Axiom or undermine governmental integrity.
Axiom Venture Capital, with a clear focus on the Bitcoin sector, offers investment management and advisory services.
In his new role, Baker will work part-time on Axiom Venture Fund II, the firm’s second venture fund.
Back in August, Axiom had announced an ambitious target of raising $75 million for this fund, emphasizing the need for careful investments in the volatile Bitcoin market.
The firm noted that excessive pressure from investors on the founding teams could endanger the success of Bitcoin-related businesses.
ACOBA’s Conditions and Concerns
Given the inherent risks related to former ministers entering the cryptocurrency landscape, ACOBA raised several concerns.
These included Baker’s previous connections with financial entities and potential access to sensitive information that could be advantageous to Axiom.
The possibility of exploiting government contacts for Axiom’s gain was also highlighted.
In light of these issues, the committee set forth specific conditions for Baker’s appointment.
He is required to avoid leveraging confidential government information to benefit Axiom, and for a period of two years, he is prohibited from lobbying the UK government on the firm’s behalf.
Moreover, Baker cannot provide advice on areas linked to his past ministerial responsibilities or engage with government contacts acquired during his tenure for the same duration.
Source: Cointelegraph
