Michael Plaut, a Welsh entrepreneur and former CBI Wales chair, has been appointed as a commissioner on the board of the Crown Estate, a move that injects direct Welsh representation into the body at a time when the new Plaid Cymru Welsh Government is intensifying calls for the estate’s full devolution to Wales.
Plaut, who lives in Cardiff, began his career as an investment banker in London before returning to Wales to lead the family business Northmace. He currently serves as a non-executive director and member for Wales on the BBC board — a role that attracted controversy when he became the first non-Welsh speaker in nearly 60 years to hold the Wales post — and chairs the Royal Welsh College of Music & Drama. He is also a governor of the University of South Wales and was awarded an OBE for services to business and entrepreneurship. His background includes advising governments in both Westminster and Cardiff on the Welsh economy.
The Crown Estate, which manages a £16bn portfolio across England, Wales and Northern Ireland, increased the number of commissioners from eight to 12 under the Crown Estate Act 2025. The legislation requires the appointment of commissioners with specific responsibilities for Wales, Northern Ireland and England. Plaut’s role will involve providing advice on conditions, priorities and opportunities in Wales, including on existing and emerging policies relevant to the estate’s activities.
Ric Lewis, chair of the Crown Estate, said: “It’s fantastic to be welcoming Michael to the Crown Estate board. Michael’s depth of experience across business, public service and cultural institutions, combined with his deep connection to and understanding of Wales, will be a valuable addition to the board as we take forward our strategy in the years ahead. Following the Crown Estate Act 2025, this appointment strengthens the board’s collective insight and ensures we continue to take full account of Welsh interests and conditions as we invest for long‑term value for the nation.”
Plaut said: “It’s a real privilege to join the Crown Estate board, and I’m excited by the opportunity ahead. I am particularly looking forward to bringing a strong understanding and insight of Wales into Board discussions, helping to make sure that Welsh interests, conditions and opportunities continue to be fully reflected as we take decisions for the long term.”
His appointment is for a four-year term, made in accordance with the code of practice published by the Commissioner for Public Appointments. Commissioners are appointed by the King following a recommendation from the Chancellor and the Prime Minister. Annual remuneration is £30,000, with a separate £5,000 fee for additional responsibilities. The salaries and expenses of commissioners are now paid out of the income of the Crown Estate rather than from money provided by Parliament, and remuneration is set by the Treasury.
Devolution debate gathers pace
The appointment comes as the new Plaid Cymru-led Welsh Government renews its push for the Crown Estate to be devolved to Wales, mirroring the model already in place in Scotland. Devolution of the Crown Estate to Wales is supported by every Welsh local authority, and a YouGov poll in May 2023 found 58% of Welsh people in favour. Plaid Cymru has introduced Private Members’ Bills in both the House of Lords and the House of Commons advocating for the move; the Crown Estate (Wales) Bill passed unopposed through report stage in the House of Lords in July 2025.
The UK Government, however, has consistently opposed devolution. Lord Livermore, Financial Secretary to the Treasury, has argued that the current operational model provides the best outcomes for Wales and the UK, citing concerns that fragmenting the market could complicate processes and delay energy security and net-zero targets.
Financial implications and the Scottish precedent
Since the Crown Estate was devolved to Scotland in 2017, aggregate profits generated by Crown Estate Scotland have provided a direct boost to the Scottish Government’s budget. In the 2024/25 financial year, Crown Estate Scotland posted its highest ever net profit of £130m, distributed to the Scottish Government’s consolidation fund. The ScotWind auction alone raised nearly £700m for the Scottish Government.
But the UK Treasury is progressively reducing the Scottish Government’s block grant to account for these rising profits — a mechanism known as “netting off”. The Treasury is deducting £15m from the block grant in the current financial year, a figure that will rise to £40m by 2028-29, after which it will remain flat and unindexed. Any devolution of Crown Estate assets to Wales would almost certainly come with the same netting-off arrangement. Under that mechanism, Wales would need to increase revenue from the estate faster than the block grant adjustment to achieve a net financial benefit.
At present, there are no publicly available figures for the revenue and profits generated specifically by the Crown Estate in Wales. The data is consolidated into the overall UK accounts, though some financial information is expected to be released later this year. The estimated average gross revenue for Wales upon transfer is projected to be less than £20m per year, excluding the costs of replicating management functions. Unlike Scotland, which has benefited from a substantial windfall from offshore wind leasing following devolution, it remains uncertain whether Wales would experience a similar financial gain.
Assets in Wales and the borrowing question
The Crown Estate’s Welsh assets include renewable energy licences and development rights for offshore wind and tidal projects, seabed leases for oil and gas pipelines, marine aggregates used in construction, and subsea cables and interconnectors that help manage electricity supply and carry intercontinental data traffic. The estate manages around 65% of the foreshore and tidal riverbed in Wales, and approximately 50,000 acres of common land, primarily rough pasture used for grazing.
The Crown Estate Act 2025 granted the body, which is owned by the monarch, new powers to borrow against its asset base — a significant departure from its previous reliance on asset sales for reinvestment. The legislation allows borrowing of up to £1.5bn over the next 15 years, subject to Treasury approval, and the Crown Estate expects to begin drawing down on these powers towards the end of the decade. The borrowing powers are intended to support investment in offshore wind development, supply chain infrastructure, science and innovation, regenerative agriculture, and digital technologies for nature recovery. An additional £400m has been earmarked for investment in supply chain infrastructure, manufacturing, research and testing facilities.
How much the Crown Estate will ultimately be able to borrow has yet to be determined; the legislation does not specify a fixed amount or a statutory percentage of the asset base. A detailed framework governing borrowing, including controls, approval processes and financial parameters, is currently being finalised with the Treasury.
If the Crown Estate were devolved to Wales, the Welsh Government would likely seek to negotiate equivalent borrowing powers. Crown Estate Scotland — which had net assets of £809m in its last financial year, compared with the Crown Estate’s net assets of £15bn — currently has no plans to seek borrowing powers.
However, on a per capita basis, the proceeds from borrowing against Welsh Crown Estate assets alone might be less beneficial for Wales than under the current England-and-Wales arrangement. The Crown Estate’s lucrative London property holdings — including Regent Street and St James’ — are valued at £7.1bn, far exceeding the value of Welsh assets. Even if any borrowing against Welsh assets generated funds, the distribution of those proceeds under the current arrangement would be at the discretion of the Crown Estate board. As it stands, the Welsh Government would be powerless to prevent an unfair allocation to Wales from Crown Estate borrowings — a situation that echoes long-standing complaints about chronic underfunding of non-devolved rail enhancement investment in Wales.
