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She will join four other industry figures and Members of Parliament from both Houses in making up the Board, which will own the budget, business case and scope of the £4 billion restoration programme.
With more than 35 years' experience in government and the property sector, Ms Peace is Chair of the Government Property Agency, which was established to improve the efficiency and effectiveness of the Government Estate. She is also Chairman of the Mayor of London's Old Oak and Park Royal Development Corporation, which manages the UK's largest regeneration project, as well as being a former Chief Executive of the British Property Federation.
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Earlier this year, both Houses of Parliament agreed to temporarily vacate the Palace of Westminster to allow the restoration work to be carried out in one single phase. The 1,100-room Grade I-listed Palace is in need of urgent repairs to ensure it can continue to serve as home to the UK Parliament in the 21st century.
Tom Brake MP, Spokesperson for the Commons Commission, said: "The refurbishment of the Palace of Westminster is one of the most significant heritage restoration projects this country will ever see. Establishing a Sponsor Board, to ensure value for money for taxpayers, and to keep the project on track and on budget, will be absolutely vital for this project to succeed.
"I'm delighted in the appointment of Liz Peace as the Chair, and with the appointments of her fellow Board members, whose combined wealth of experience and knowledge is second-to-none."
Speaking on her appointment, Ms Peace said: "It's an honour to be taking on this important role. The Palace of Westminster is an iconic building, of huge national importance, and I'm thrilled to be leading this much-needed restoration project.
"Together with the talent, knowledge and experience of the wider Board, I hope to help steer the project through to successful completion, and create a Parliament building of which the whole country can be proud."
(LM/MH)
