Myners to scrutinise mutual life offices

Launched on Friday afternoon, the 31-page Myners review of the governance of life mutuals consultation document raises several questions about the knowledge of directors and intimates a non-executive director ought only to be allowed to sit on a mutual company’s board if they have sufficient knowledge of financial services which is relevant to the work they do and decisions being taken. Many of the questions asked are in direct response to issues raised within the Penrose report – which looked at the near collapse of Equitable Life – as they look at the information, advice and skill set ...