City’s chief to stand down

STUART Fraser, the City of London Corporation’s policy chairman – its chief executive in all but name – yesterday said he would step down to the deputy’s seat to free up more time to experience “a very special year for London” in 2012.

Fraser (pictured) – also a City A.M. columnist – will step aside after four years leading the Corporation to put a new chairman in place ahead of the 2012 Olympics.

“World financial events, the inevitable work in Brussels and overseas, the Olympics and Jubilee, and our commitment to do even more for SME and high-tech growth in London means that the challenges will be very onerous,” Fraser said.

“I think it’s sensible to plan a proper overlap – and enjoy what will be a very special year for London.”

Fraser, 65, has been an outspoken advocate for the City’s businesses and banking sector, speaking out against punitive regulation and calling for greater recognition of the City’s contribution to the UK economy.

He has also been at the forefront of the Corporation’s responses to the Occupy London Stock Exchange protests around Paternoster Square.

Fraser has been elected each year and was eligible to stand as chairman for one further year. He last served as deputy chairman of the policy and resources committee from 2003 to 2008, and is also a director of Brewin Dolphin Securities.