Myners proposes reforms to strengthen mutuals

clock

Mutual life office directors should be required to follow the same Combined Code of Corporate Governance as listed companies and provide even greater voting rights when seeking to act in the best interests of members, says the latest report from Paul Myners.

Details of the study launched today – entitled Myners review and the governance of life mutuals - was produced in part on the back of the Penrose Report into the Equitable Life affair in February 2004, as that document was highly critical of the management structure and the role of non-executive directors. As a result, Myners has produced a new study for the Treasury which suggests not only should members be given greater information and voting rights on key decisions within mutual life insurance firms – given members are the effective ‘owners’ of the company – but the role of the board ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Targeted support signals evolution in advice delivery

Targeted support signals evolution in advice delivery

Softer launches expected at first

Isabel Baxter
clock 10 April 2026 • 1 min read
CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read