PracticeAuditEquitable chiefs to stay put

Equitable chiefs to stay put

Humiliating climbdown in E&Y case will not see heads roll, mutual suggests

Vanni Treves and Charles Thomson have the ‘unanimous support’ of the board,
Jean Wood, the head of Equitable Life’s remuneration committee told journalists
at a press conference following Equitable’s humiliating climbdown in its case
with Ernst & Young.

Equitable agreed to drop proceedings against the Big Four firm today, with
each side picking up its own costs.

The move has led some to question Treves’s and Thomson’s future at the
mutual, with Paul Braithwaite of the Equitable Members’ Action Group saying
their positions are now ‘untenable’.

Treves revealed that he had considered his position, and Wood later said that
discussion over their future had taken place since the case broke up for its
summer break in July.

The realisation then that directors’ evidence scuppered Equitable’s case
against E&Y prompted the mutual to rethink, it said.

‘At each stage of the decision-making it has been the total board that has
taken the decisions,’ said Treves.

Related Articles

PwC found negligent by US judge over Colonial Bank's $2bn fraud

Audit PwC found negligent by US judge over Colonial Bank's $2bn fraud

2w Alia Shoaib, Reporter
Deloitte South Africa investigated over Steinhoff audits

Audit Deloitte South Africa investigated over Steinhoff audits

4w Alia Shoaib, Reporter
Top 5 audit fines of 2017

Audit Top 5 audit fines of 2017

4w Alia Shoaib, Reporter
PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

1m Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1m Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1m Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

2m Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

2m Alia Shoaib, Reporter