They allege a lack of openness and transparency surrounding LV=’s plans to demutualise.
The questions in the letter to Cook asked about the demutulisation, his personal financial interest and several other matters (see table below).
Demutualisation
What were the instructions given to Fenchurch Advisory?
Whether you will publish your full terms of engagement with Fenchurch Advisory?
Your personal financial interest
What would your remuneration be as chairman of the new Bain owned business including pay, share options and other benefits?
Given Bain’s previous practice of replacing much of the senior leadership of the businesses that they take over and given the evidence received by the inquiry that Bain do not intend to retain most of the current directors of the board, have you entered into a written agreement to secure your continued involvement in the business?
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Ex-HMRC perm sec Jon Thompson joins HS2 board
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Transport secretary Grant Shapps has appointed the chief executive of the Financial Reporting Council and civil service veteran Sir Jon Thompson as a new non-executive director of HS2.
The appointment will see Thompson “represent the government’s interests” on the board, the Department for Transport said. It added that he would bring his experience of financial management and leading major projects. Thompson was previously the permanent secretary at both the Ministry of Defence and HM Revenue and Customs.
Sir Jon said he hoped he could contribute to the project being delivered “on time and to budget”.
The FRC has spent the last three years investigating Carillion s financial reporting in the years leading up to its collapse in January 2018. Last month it was reported that KPMG was a step close to reaching a settlement with the watchdog over its role auditing the failed contractors accounts.