 Iacobescu was appointed Commander of the Order of the British Empire (CBE) in the 2003 Birthday Honours for services to regeneration and inward investment Iacobescu was a member of the Board of Trustees of the British Museum.from 2007-2015.In June 2011, 10 Downing Street announced that the Prime Minister would be re-appointing him to this post for a period of four years from 1 July 2011.