On 19 September 2014, he was appointed as Chair of the newly formed Scotland Devolution Commission by Prime Minister David Cameron, following the "No" result in the Scottish independence referendum; his role being to oversee devolution commitments spelt out by the Westminster parliamentary leaders, with initial proposals drawn up by November 2014.[6]
After leaving school in 1963, Smith failed his first-year English exams at the University of Glasgow.[8] He turned to a career in accountancy and was articled to Robb Ferguson & Company and qualified as a Chartered Accountant in 1968.[9]
Professional career
Smith moved to ICFC, later known as 3i, until 1982 and joined the Royal Bank of Scotland in 1983. From 1985 to 1989 he was managing director of Charterhouse Development Capital Ltd. He also held the posts of chairman and CEO with Morgan Grenfell Private Equity, CEO of Morgan Grenfell Asset Management and was Vice Chairman of its successor, Deutsche Asset Management, between 2000 and 2002. He has held various positions as Director of MFI Furniture Group plc, Stakis plc (where he was also chairman from 1998 to 1999), the Bank of Scotland, Tip Europe plc, and Network Rail.[10] From 1 July 2002 to 31 December 2013 Smith was Chairman of The Weir Group.[11]
Smith was Chairman of Scottish and Southern Energy, The Weir Group plc, Government-backed UK Green Investment Bank, Alliance Trust plc and a non-Executive Director of Standard Bank Group Limited.
On 19 September 2014, Smith was appointed as Chair of the newly formed Scotland Devolution Commission, following the "No vote" in the Scottish independence referendum.
Smith married Alison Marjorie Bell in 1969; initially Mrs Alison Smith, she formally became Lady Smith when her husband received a knighthood in 1999, and then The Lady Smith of Kelvin when her husband received his peerage. They have two daughters.
In 2010, the Chartered Institute of Internal Auditors awarded Smith an Honorary Fellowship at the Annual Scottish Conference in recognition of his long-term support of the internal audit profession.
Lord Smith was awarded an honorary doctorate from Judson University in Elgin, Illinois in March 2023. Lord Smith was a guest speaker along with Sir James MacMillan for the World Leaders Forum at Judson University recognizing the 100th anniversary of Christian missionary Eric Liddell's historic gold medal in the 1924 Paris Olympics.