views

Lloyds non-executives quit board ahead of new guidelines from Walker Review

LLOYDS Banking Group yesterday announced the resignation of non-executive directors Carolyn McCall and Phillip Green.<br /><br />McCall, also the chief executive of media firm Guardian Media Group and Green, who is chief executive of water company United Utilities, cited worries that the role would take up too much time.<br /><br />The Walker Review into corporate governance recommended in July that non-executives devote up to 36 days a year to their role, around 50 per cent more than was required prior to the financial crisis.<br /><br />&ldquo;The responsibilities of being a chief executive make it impossible to dedicate the time that I know is required to Lloyds,&rdquo; McCall said in a statement.<br /><br />Both McCall and Green approached chairman Sir Win Bischoff to offer their resignations, sources familiar with the pair said, scotching speculation that Bischoff was seeking to clear the company of names associated with the takeover of HBOS.<br /><br />A bank spokesman said the two had left of their own accord.