Sir Stephen Bubb

Sir Stephen Bubb

Sunday, 8 February 2009

What a surprise!

So we now discover that Mr Glen Moreno ,who the Government appointed to Chair the body set up to manage the taxpayers interest in the banks, has worked with a financial institution in Liechtenstein involved in tax avoidance. A Sunday Times top story makes the point that it seems incredible that this appointment could have been made . Who did the checking on this ? Can we really trust an organisation ( the UK Financial Institutions ) that we expect to look after our interest as taxpayers to get a grip on the bonus culture that led , in part , to our current problems under such Chairmanship. I assume the HMT will now expect his resignation.

And of course we have already seen what appointments this body has made with the 2 non executives put onto Lloyds-TSB. And in the same edition of the ST we see that Lloyds are going to pay their people a bonus. Incredible. Doesn't the corporate sector see the outrage this will cause . i am sure that there are in fact many people in the private sector who are just as appalled at this behaviour. The actions of a small number have brought an entire profession into disrepute . That is not good . But with effective governance reform things can change for the better .

The Chancellor has announced the establishment of an independent review into the banks. This is welcome . But we will need to see that this is independent . No appointments like Mr Moreno . I am emailing Mr Darling to suggest that he appoint an experienced Charity CEO to the review . As Polly wrote in her article in the Guardian , we need such people to bring a strong sense of reality and responsibility to the Square Mile .

Sunday has been spent mainly working , catching up on progress on the Action Plan . Early morning Communion was in a chilly Church , the heating having gone on strike ; though this is conducive to a spirit of repentance I am sure.

The Plan will be launched tomorrow . I leave Charlbury early , as the snow starts to fall again I travel back on the train to London . I am balancing an overactive Hound on my knee ( well mainly on my knee ) and juggling my phone as I get a call from the Financial Times for an ACEVO view. You will be able to judge the felicity of my comments in tomorrow's paper (or indeed in the Guardian ) ; assuming they make it that is! One thing is clear . We are fortunate that we have an active and respected Office of The Third Sector ,at the heart of Government , who are working to promote our interests as a sector and they , and our Ministers , Liam Byrne and Kevin Brennan, are to be congratulated on the way they have secured a good Plan for the troubling times ahead . But we will be back!

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