RegulationCorporate GovernanceNorthern Rock role generating more interest

Northern Rock role generating more interest

Candidates are queuing up in a bid to value Northern Rock, in one of the most keenly watched selection processes of recent years

Michael Izza, ICAEW

Michael Izza, ICAEW chief will have the final say

A Whitehall source said there is a ‘healthy interest’ in the job, which will
be under the spotlight from the government, the general public and shareholders,
including powerful hedge funds that have baulked at the government’s plan to put
a value on the bank after stripping out its £25bn bailout package in the past.

ICAEW chief executive Michael Izza will have the final say on the eventual
winner.

Earlier this year, Accountancy Age revealed that the ICAEW would
play a key part in the selection process for the Northern Rock valuer and Izza’s
appointment has underlined the institute’s central role in the task.

The job has been seen as a poisoned chalice by some members of the profession
because of the reputational and legal baggage that comes with it, but this has
not appeared to put candidates off.

The nuts and bolts of the selection process are still shrouded in secrecy,
but the cut-off point for applications has been confirmed as 4 July.

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