CITY MOVES WHO’S SWITCHING JOBS November 26, 2009 PZ CussonsThe personal care firm has appointed Richard Harvey, the former chief executive of insurance giant Aviva, as its new chairman-elect. Harvey became group chief executive of Norwich Union in 1998 and took up his role at Aviva after the merger of Norwich Union with CGU, initiating the re-branding of the group under the Aviva [...]
Insurers will be hit by 100m flood bill November 22, 2009 DAMAGE from the floods in Cumbria and south Scotland could cost insurers more than £100m, the Association of British Insurers (ABI) said yesterday. The body also warned that up to 1,000 claims had been received by insurers already, but that it was too early to say what the total damage bill will be. The ABI [...]
Investors unveil new code for shareholder activism November 16, 2009 HEAVYWEIGHT City shareholders yesterday unveiled guidelines designed to counter criticism they do not scrutinise the companies they invest in closely enough. The code includes pledges to monitor companies, subject boards to closer scrutiny, ensure independent directors are sufficiently powerful and intervene in company management when needed. The code was set up by the Institutional Shareholders [...]
Insurers call for rethink on capital limits November 11, 2009 INSURERS yesterday called on European regulators to widen their rethink on draconian capital restrictions proposed under the Solvency II reforms. The Association of British Insurers (ABI) welcomed indications that Europe was open to relaxing some rules for annuity providers that could potentially cost UK insurers up to £50bn a year if implemented in their current [...]
BACKLASH MOUNTS AGAINST TOBIN TAX November 8, 2009 OPPOSITION politicians and City figures slammed Gordon Brown’s talk of a ‘Tobin tax’ yesterday, dismissing it as a “theoretical proposal” that would be impossible to put into effect without disastrous consequences for London. The Tories are understood to oppose Brown’s plan and are believed instead to favour levying a small fee on banks’ balance sheet, [...]
CITY MOVES WHO’S SWITCHING JOBS November 5, 2009 Association of British InsurersThe ABI has appointed Kerrie Kelly, currently chief executive of the Insurance Council of Australia (ICA), as its new director general, effective from next February. Kelly has led the ICA since 2006, having formerly been CEO of the country’s Financial Planning Association. She is currently a non-executive director at HSBC in Australia, [...]
RBS FEARS THAT BREAKUP PLANS WILL GO TOO FAR November 1, 2009 ROYAL Bank of Scotland is deeply anxious that a proposed restructuring plan being drawn up by the European Commission and the Treasury could materially damage its ability to operate as a standalone entity. Sources close to the bank have warned that getting RBS back to standalone strength, a key factor in reimbursing the taxpayer for [...]
PAY CUT FOR BOSSES OF JUST 1 PER CENT October 25, 2009 CHIEF executives of FTSE 100 companies saw their total pay cut by just 1.5 per cent over the past year to an average £3.3m despite cash bonuses falling by nearly a third, research released today shows. Income Data Services (IDS) found average bonuses for blue chip bosses remained above £500,000 even as corporate profits plunged [...]
Ronnie probe starts at JJB October 13, 2009 JJB SPORTS yesterday said that it was formally investigating “improper expenses claims” made by its former chief executive Chris Ronnie. The sports retailer, which also confirmed a well-trailed £100m rights issue, alleges that it was brought to the brink of insolvency by Ronnie and former executives due to a series of “unwise management decisions”. The [...]
ABI’s Montagnon steps up EUhedgie rules fight October 4, 2009 THE ASSOCIATION of British Insurers (ABI) has stepped up the fight againstEuropean plans to regulate the hedge fund industry with an iron fist. Peter Montagnon, the ABI’s head of investment affairs, called for an urgent debate on the European Union’s (EU) draft directive on alternative investment funds. In an interview with City A.M. he said [...]