By Michael Mainelli
Each week we ask a City figure to take a trip down memory lane. Today,Michael Mainelli, current Lord Mayor of London and Z/Yen Group chairman, takes a look back at his career.
What was your first job?
As one of six children, each having to pay our way through university, I had two school time jobs at school to save up – a precocious three summers doing research with American aerospace firm Martin Marietta, and the other a term-time one as ‘sanitation supervisor’ (janitor with a bit of proofreading) at a local paper. Strange but true.
What was you first job in finance?
I first came to the City in 1984 as a brash computer consultant and found myself in the midst of preparations for Big Bang due on 27 October 1986. I began consulting to Messels, a stockbroker later taken over by Shearson-Lehman-Amex. Realising that finance needed to be studied, I signed on with Arthur Andersen in 1986 to learn accountancy, only to find that my first project was getting Messels ready for Big Bang. Yes, such were the times.
When did you know the City was the place for you?
The sheer exuberance of the City, its openness to people as long as they contribute, and the can-do attitude sold me within a week. As a leading global financial centre, London attracts an incomparable level of talent from across the globe and the language, time zone and regulatory efficacy has allowed the City to be a real leader in sustainable finance and fintech.
What’s one thing you love about the City?
For me the most amazing thing is that from 7 century origins the City of London is the world’s oldest democratic workers’ and residents’ cooperative. We often use the moniker Square Mile for our Roman walls, but we have many Knowledge Miles too as we pack in 24,000 business with people speaking 300 languages surrounded by 40 learned societies, 70 institutions of higher education and 130 research institutes. For me the City is the world’s coffee house.
What sets the City of London apart from its competitors, say New York for example, is our merge of the modern and our Roman history. You can network with the head of a FTSE 100 company in the well-preserved ruins of the Roman Amphitheatre on the site of Guildhall.
What’s one thing that’s surprised you about becoming Lord Mayor?
How supportive everyone is. You have the job for a mere 12 months, but everyone is working hard to make it a success for them, for you and for our community.
And how do you feel about the pomp and ceremony?
Pomp and ceremony should be part and parcel of being the world’s oldest democratic workers’ and residents’ cooperative. Traditions are here to bind our community together and to celebrate our links with our fellow citizens. Ceremonies that remind us of what we owe to those past, present, and future; ceremonies that teach us the depth and length of our mutual connections; and ceremonies that make us happy. We also have work to do and ceremonies need to evolve, so we need to be mindful of retiring those who serve less utility, and realising when we need to create new ones. The tension between continuity and change redefines and refreshes our City.
What’s your most memorable lunch?
One of the stranger lunches I had was in the private dining room of a television company with the managing director discussing whether or not I could become his strategist. Just the two of us at an enormously long table – shades of Macron and Putin. Menu – smoked salmon with toast, chilled Chablis, and rounded off with ice-cold KitKat (seriously). When I told him he had only a 50:50 chance of keeping going, he hired me on the spot.
And any City faux pas?
I do try to get things right, don’t we all. My first proper City luncheon was for the Lord Mayor. I was told to wear a morning suit, which I did. The faux pas was wearing a wedding waistcoat, not a black one. There was a rapid move to a City tailor for a swift purchase.
What’s been your proudest moment?
Pride is something I try to experience through others, whether family successes, friends’ achievements, or the positive impact of organisations I work with. At the moment I’m thrilled to be working on a pivotal research programme, GALENOS, with the Lord Mayor’s Appeal’s chosen charity, MQ Mental Health, and our partners at the University of Oxford and Wellcome Trust. GALENOS hopes to improve the quality of mental health research globally and speed up results by two to three years. It’s making a huge difference in just its first year. Before I took my sabbatical, I was delighted that my team successfully created the policy performance bond market now being used by Chile and Uruguay, where the bond’s interest rate goes down if the two countries meet their climate change targets.
And who do you look up to?
Anyone who has been given a Royal Humane Society award. I had the honour of giving these awards out once. They go to those who have put their own lives at risk to save or attempt to save someone else. It is truly humbling and I hope to celebrate their 250 anniversary with them this year.
Are you optimistic for the first half of 2024?
Let’s be optimistic, pessimism is for better times. We seem as a nation to be turning outwards toward opportunities, and that must be a good thing. Over half of the world is going to go to the polls this year, and that means change. Our City thrives on change.
We’re going for lunch, and you’re picking – where are we going?
I may be picking, but am I paying? Sticking to the City I’ve always had good times at Coq d’Argent and 1 Lombard Street. I do miss Simpson’s though.
And if we’re grabbing a drink after work?
Too many to count really, one of the City’s finest aspects is a great selection. In fact a new scheme through our planning team will welcome several new and restored pubs into operation over the next few years including the Still and Star in Aldgate and Salisbury Arms.
Re-imagining existing pubs within development schemes is a key part of this initiative, in particular, by negotiating with developers to provide new pubs in more prominent locations, with more trading floorspace, external areas, improved accessibility and striking architectural statements to catch the eye.
For a beer, I’m normally a traditionalist at The Jamaica Inn, Ye Olde Watling, or The Ship, and sometimes the Craft Beer Company. For wine or cocktails, perhaps the Royal Exchange to soak up some history or Wagtail because of the view.
Where’s home during the week?
As you know, this year as Lord Mayor means we’re in temporary accommodation, but fortunately our permanent accommodation is by Tower Hill. One day between the City and Wapping we’ll choose a local pub, but so far enjoying the decision.
And where might we find you at the weekend?
With the family, who can be quite active from crafts, to badminton, to long walks, all around excellent meals and conversations with friends.
You’ve got a well-deserved two weeks off. Where are you going and who with?
I never get two weeks off, so it would be a chance to get some heavy sailing in north of our last adventure to the Shetlands. Assuming its summer, I’d spend it sailing with friends around the Faeroes trying to spot puffins and whales.
