Editing Qinetiq (section)

===NAO inquiry===
In 2007, the [[National Audit Office (United Kingdom)|National Audit Office]] conducted an inquiry into the privatisation to determine whether UK taxpayers received good value for money. The inquiry looked at the following issues:
* the choice of privatisation strategy;
* management of the process (the split of the Defence Evaluation and Research Agency into two, the sale to Carlyle and the flotation);
* costs incurred and the proceeds achieved; and
* whether the deal met its objectives.<ref>{{cite web |url=http://www.nao.org.uk/report/the-privatisation-of-qinetiq/ |title=The privatisation of QinetiQ |work=National Audit Office |date=23 November 2007 |access-date=3 April 2015}}</ref>
In November 2007, the NAO reported that taxpayers could have gained "tens of millions" more and was critical of the incentive scheme given to QinetiQ managers, the 10 most senior of whom gained £107.5 million on an investment of £540,000 in the company's shares. The return of 19,990% was described as "excessive" by the NAO. The role of QinetiQ's management in negotiating terms with the [[Carlyle Group]] while the private equity company was bidding for the business was also criticised by the NAO. Carlyle bought a third of the business for £42 mmillion, which grew in value to £372 million in less than four years.<ref name=taxpayer_cost>{{cite news |url=http://news.bbc.co.uk/1/hi/business/7108444.stm |title=Qinetiq deal 'cost UK taxpayers' |date=23 November 2007 |publisher=BBC News |access-date=3 April 2015}}</ref> However, the [[Ministry of Defence (UK)|Ministry of Defence]] defended the sale:
:"It has delivered excellent value for money, generating more than £800m for the taxpayer, while protecting UK defence and security interests," said [[Ann Taylor, Baroness Taylor of Bolton|Baroness Taylor]], Minister for Defence Equipment and Support.<ref name=taxpayer_cost/>