Fat Cats
April 2002 – Lord Young (outgoing president of the Institute of Directors) criticised the role of “old pals” non-executive directors who hold several directorships, appear at board meetings once a month, rubber stamp whatever they are told and have little effect on the business. One of the most outstanding examples of this is the previous board of the mutual Equitable Life now being sued by the new board. Meanwhile Derek Higgs, with a multitude of non-executive directorships, has been asked by Patricia Hewitt to carry out a study on the independence of non-executive directors!!!
HM Treasury
April 2002 – The Treasury Select Committee has launched an inquiry into banking services provided to individuals and small companies. Written submissions should be sent to the Clerk of the Treasury Committee preferably by e-mail at treascom@parliament.uk alternatively by fax 020 7219 2782 or by letter Treasury Committee, House of Commons, 7 Millbank, London, SW1P 3JA.