§ Mr. Cousins
To ask the Secretary of State for Defence what income has been received from the equity stake in Qinetiq Ltd.; who exercises the rights of the controlling equity stake on behalf of the Government; and who approved title higher leveraged equity scheme in QinetiQ for senior managers on behalf of the Government. 
§ Mr. Ingram
Total proceeds to date from the Defence Evaluation and Research Agency Public Private Partnership (DERA PPP), of which the sale of an equity stake is just a part, amount to some £211.1 million. This comprises proceeds from the sale, proceeds from the redemption of debt and from the redemption of preference shares.
A key feature of the DERA PPP was to bring in a strategic partner to improve the management of QinetiQ and help grow the business in preparation for its transfer to the private sector. Although continuing to hold a majority equity stake, operational control of the company is exercised by the Carlyle Group as the Government's strategic partner. Control of the Government's equity stake is exercised by the MOD, via shares held in trust by the MOD Finance Director on behalf of the Secretary of State.
An Incentive Scheme for QinetiQ employees including a component for senior managers, was approved by Ministers at the time of the transaction.