Izza wins tough Northern Rock job
ICAEW chief will chair panel selecting independent valuer for Northern Rock
Michael Izza, chief executive of the ICAEW, has been given the difficult job
of chairing the panel selcted to find an independent valuer for troubled
Northern Rock.
The appointment will place Izza at the heart of decisions to value
compensation for shareholders who lost out when the bank was nationalised
earlier this year.
The role also sees Izza firmly in the firing line if the valuations prove
controversial with shareholders.
Yesterday the government announced that the tender process for finding a
valuer was now open. There has been much speculation in the press that the
government was struggling to find a firm willing to take on the work because it
was either too difficult or too risky in terms of public relations.
However, Accountancy Age understands there has been expressions of
interest. It is also thought that it is not certain that an accountancy firm
will take the role and that they may find themselves competing for the work
alongside investment banks.
Izza’s panel will include Anthony Fry, senior managing director, Evercore
Partnership, Christopher Gardner QC and Louise Tulett, finance director at the
Treasury.
The appointment will be seen by many as a huge endorsement of Izza’s time
heading up the ICAEW and vindication of his strategic decision to invest in the
institute’s thought leadership programme.
Applications for the valuation work will have to be submitted by 4 July this
year.
Links
To see the application click
here