The Association of British Insurers says it welcomes the launch of the Treasury's consultation on th...
The Association of British Insurers says it welcomes the launch of the Treasury's consultation on the role of non-executive directors, following pressure from the National Association of Pension Funds in a campaign launched last month.
The NAPF launched its campaign during its annual conference in Brighton last month, attended by the then Secretary of State for Work and Pensions, Alistair Darling, encouraging pension trustees and funds to take greater note and maybe place more restrictions on non-executive directors.
This action comes in the wake of the Equitable Life scandal, which has so far held no-one accountable for the downfall of the firm.
Peter Montagnon, Head of Investment Affairs at the ABI, comments:
"We welcome the debate on the role of non-executive directors. Having the right checks and balances within Boards without undermining entrepreneurial flair is vital to the prosperity of British companies and the broader economy.
We are pleased at the broad range of questions Derek Higgs is asking. In particular, we think it will help to have a closer look at the role of audit committees in the wake of Enron, as well as to have a clearer elaboration of the position of the senior independent director.
The focus on the relationship with shareholders is another important strand to the debate. Our members look forward to responding to the questions Mr. Higgs has raised."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected