Peter Mandelson has been stripped of his voting rights and dividend payments at Global Counsel, the political advisory firm he co-founded, following his dismissal as UK ambassador to the United States over revelations about his ties to Jeffrey Epstein.
Filings at Companies House show Mandelson still holds a 21% stake in the business, but its designation has been changed to remove his ability to influence company decisions or benefit financially. The firm has begun selling his stake, with the process expected to conclude within two months, according to Bloomberg.
Stepping Back from the Firm
Mandelson, who co-founded Global Counsel in 2010 alongside former Gordon Brown adviser Benjamin Wegg-Prosser, stepped back from the company after being appointed US ambassador by Prime Minister Keir Starmer in December. In January, he entered into an agreement to sell his stake gradually, having already resigned as a director last May.
Global Counsel is now led by Wegg-Prosser, with Marks & Spencer chair Archie Norman serving as vice-chair. The firm advises clients ranging from JP Morgan and Barclays to OpenAI, TikTok, and Shein.
Epstein Emails and Fallout
The Labour peer’s connection to Epstein came under renewed scrutiny after emails revealed Mandelson described Epstein as his “best pal” and suggested the disgraced financier’s first conviction should be challenged. A photograph of Mandelson in a white bathrobe with Epstein also emerged earlier this month.
In one email, Mandelson told Epstein: “Your friends stay with you and love you.”
The revelations triggered his dismissal as ambassador and prompted Global Counsel to accelerate measures distancing the firm from its co-founder.
A History of Controversy
Mandelson’s career has long been marked by political turbulence. His first resignation from government in 1998 came after it was revealed he had failed to declare a £373,000 loan from fellow Labour MP Geoffrey Robinson.
Although later reinstated as Northern Ireland secretary, he resigned again in 2001 when it emerged he had intervened in a Home Office application for British citizenship by billionaire donor Srichand Hinduja, who contributed £1m to the Millennium Dome project Mandelson oversaw.
While there was no suggestion Mandelson personally benefited, the scandal forced him from office for a second time.
Global Counsel Declines Comment
Global Counsel has declined to comment on Mandelson’s situation. However, the firm’s move to strip him of influence and financial benefits underscores the reputational risks it faces as it continues advising major corporations on navigating regulatory and political change.
