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THE P1 TIMES THE ACCA’S FAVOURITE NEWSPAPER (probably) - Since 2007 P1 STUDENT PASSES EXAM !! By PAUL MERISON Blank quits Lloyds By PAUL MERISON Sir Victor Blank has retired from Lloyds Banking Group.Blank was Chairman of Lloyds, but “went before he was sacked”, according to Lloyds insiders. Blank had been heavily criticised for being the main person behind the takeover of HBOS, which had far worse losses than Lloyds predicted. He is now being held accountable for this decision. Win Bischoff has now taken over as Chairman. No doubt the Nominations Committee began their succession planning process some time ago, as they must have known Mr. Blank was likely to go. P1 student Fred Goodwin has passed his…show more content…
Investors Raise Their Voices There was a time when big shareholders, typically institutions, were very quiet investors who let Boards get on with running companies with barely a murmur of complaint. But not any more it seems. In recent months, many companies have heard their biggest shareholders complaining, both at the AGM and beforehand in the Press, about everything from strategy to director pay issues. Whilst the biggest shareholders often have small percentage holdings they are getting listened to more and more. They have found ways to increase the volume of their “stakeholder voice” by using the Press, or by voicing their concerns through an umbrella body such as the Association of British Insurers. The ABI’s members control a large percentage of the overall stock market, meaning that companies are far more likely to have to listen. Why are they suddenly shouting? A mixture of poor performance, the institution’s own investors shouting at them, and a belief that better governance leads to improved profits and a better share price. Shut up! Or Else!!! It is reported that the NEDs at RBS warned the Chairman and CEO that the Bank was exposed to too much risk – but were threatened with the sack if they kept being disruptive! Hard to be independent NEDs when there is an intimidation threat! 3 Date today 14/06/10 NEWS Tell SID! In 2007, Cadburys Chairman Sir John Sunderland unexpectedly announced his retirement, after a series of meetings between
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