The Chartered Insurance Institute (CII) has said it intends to appoint a majority of directors to the Personal Finance Society (PFS) board after long-running mediation over its future failed and “significant governance failures” emerged.
The CII said it had been working with the PFS board for "many months" in a bid to resolve complex and historic issues. However, it added mediation between the two boards had failed and it would initially equalise the PFS board with the appointment of three CII directors, effective immediately, and planned to add another to form a majority. The PFS board is currently made up of five PFS member directors and two CII directors. Today (21 December), the CII said it would appointment of three further institute directors, who together will equalise the PFS board. It said in a letter to memb...
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