Key Points
- Former UK minister Steve Baker has been approved to serve as an adviser for Bitcoin-focused Axiom Venture Capital.
- Baker is expected to uphold high standards and avoid any potential misuse of influence or contacts within and outside the government.
Steve Baker, a former minister in the UK, has been given the green light to serve as an adviser for Axiom Venture Capital, a venture capital firm with a focus on Bitcoin.
According to a government document issued on November 28, the Advisory Committee on Business Appointments approved Baker’s new role after a thorough background check. Baker had sought the committee’s approval before formally joining the Bitcoin-focused firm.
Conditions for Baker’s New Role
Baker was given permission to accept the advisory role at Axiom on the condition that he would not share any confidential information from his tenure as a minister that could potentially benefit the firm.
Baker served as the minister of state at the Northern Ireland Office from 2022 to 2024. An internal review by the ACOBA found no previous engagements during Baker’s ministerial tenure that could potentially benefit Axiom or harm the government’s integrity.
Managing Risks and Upholding Standards
The advisory board stated in the document that it is the personal responsibility of the applicant to manage the propriety of any appointment. Former ministers are expected to adhere to the 7 Principles of Public Life, which include selflessness, integrity, objectivity, accountability, openness, honesty, and leadership.
The committee highlighted potential risks related to Baker’s former government influence and his new role at Axiom. It advised Baker to mitigate any potential risks, including the misuse of contacts and influence within and outside the government. Baker is also prohibited from lobbying the UK government on behalf of Axiom for two years.
In addition, Baker is not permitted to advise Axiom on areas he oversaw as a minister or lobby contacts he made in the UK government for at least two years.
Baker announced in a post that he will join Axiom Venture Capital as a part-time adviser for its second venture fund, Axiom Venture Fund II. Axiom Venture Capital is a Bitcoin-focused advisory and investment management firm. It is not affiliated with the emerging Ethereum data protocol Axiom.