Michael Spencer is Group Chief Executive Officer. He was the founder of Intercapital in 1986 and became Chairman and Chief Executive of Intercapital in October 1998, following the Exco/Intercapital merger. Michael, together with IPGL and its subsidiary companies, is a substantial shareholder in the Company. Michael was non-executive Chairman of Numis Corporation plc from April 2003 until his resignation in May 2009. Michael stepped down from his role as Treasurer of the Conservative Party in October 2010. Michael is a member of the nomination committee.