Lord Darzi failed to declare healthcare company shares

Lord Darzi, an advisor to the UK government on health matters, did not declare significant shareholdings in several healthcare companies. This failure to disclose has raised concerns about transparency and potential conflicts of interest. Lord Darzi, a well-known surgeon and professor, led a review of the National Health Service (NHS) in September. His report influenced the recent decision by Health Secretary Wes Streeting to abolish NHS England. Despite his prominent role, an investigation found that Darzi owned shares in four healthcare companies worth over $1 million, which he did not record in the official House of Lords register. His undeclared interests included $500,000 in shares and $800,000 in share options from Evelo Biosciences, a U.S. healthcare firm where he once served as a director. Darzi's lawyers described the omission as an “oversight” and stated that he has requested corrections to the register. The rules require members of the House of Lords to declare commercial interests. Until recently, this included shares over £50,000, which has since increased to £100,000. Darzi's holdings in Evelo exceeded the threshold for many years. He resigned from Evelo's board in 2022, and the company went into liquidation afterward. Darzi also has interests in three other health firms backed by Flagship Pioneering, a venture firm known for its early investment in Moderna. His lawyers confirmed that he holds share options in all three companies, which are not publicly traded and thus lack transparent shareholder information. Experts have expressed concerns about the impact of these breaches on public trust in parliament. Lord Darzi, who has been involved in the NHS for decades, stated that he did not realize share options needed to be registered and acknowledged he should have disclosed them. The Department of Health and Social Care stated that all due diligence was followed regarding Lord Darzi's appointment. His legal team emphasized that he has made efforts to avoid conflicts of interest and has corrected the oversight regarding his shareholdings.