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?