Pru investors to rebel over executive pay June 6, 2010 THREE major investors are voting against Prudential’s remuneration package, heaping more misery on the embattled firm. Aviva Investors, Schroders and Co-operative Investments, all top 40 investors, say the awards being offered to two new executives, which have come under scrutiny lucrative “golden hello” deals, are unacceptable. The remuneration package is still expected to pass at [...]
CITY MOVES | WHO’S SWITCHING JOBS May 10, 2010 Conduit Capital Markets The derivatives and securities dealer has hired ex-3i managing partner Bruce Carnegie-Brown as its new non-executive chairman. Carnegie-Brown has been working for 3i since 2007, latterly as managing partner and chairman of the financial services practice. Prior to that, he was chief executive of Marsh, and spent 18 years at JP Morgan, [...]
Insurers say UK taxes may cause exodus January 26, 2010 INSURERS yesterday warned they could quit Britain unless the government cuts their tax burden as ministers unveiled plans to crack down on corporate tax evasion and improve the tax regime for firms with overseas operations. More companies may join the ranks of those who have already decided to move from the UK to financial centres [...]
Volcanic ash shows need to pick the right travel policy April 22, 2010 AEROPLANES might be returning to the skies once again, but for many business travellers and holidaymakers who have been stranded abroad or had their plans disrupted, the fallout is only just beginning as they start the process of claiming back their money. While the volcanic eruption was an unprecedented event, it has brought home the [...]
ABI disputes Myners’ plan for investors August 10, 2009 INVESTOR bodies last night launched a fresh attack on City minister Lord Myners, following his suggestion that shareholders should be able to buy and sell their voting rights. The comments from Myners are the latest in a string of radical proposals designed to increase shareholder power. “Some shareholders who never vote could sell their voting [...]
ABI disputes Myners’ plan for investors August 10, 2009 INVESTOR bodies last night launched a fresh attack on City minister Lord Myners, following his suggestion that shareholders should be able to buy and sell their voting rights. The comments from Myners are the latest in a string of radical proposals designed to increase shareholder power. “Some shareholders who never vote could sell their voting [...]
ABI joins FSA Osborne row August 5, 2009 TORY shadow chancellor George Osborne is facing mounting opposition over his plans to scrap City watchdog the Financial Services Authority (FSA), with the Association of British Insurers (ABI) now lobbying against the move. The ABI believes the FSA has shown it can adapt to a new era of regulation, and disagrees with Osborne’s plans to [...]
SOLVENCY II FEARS December 21, 2009 Amid fears that new European regulation will lead to an exodus of UK insurers, the Association of British Insurers has pledged to ensure that the European Union’s Solvency II directive is “acceptable to UK insurers so they can continue to be competitive”. An ABI spokesman said the directive was the “subject of ongoing discussions and [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]
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 [...]