Speaking to Accountancy Age, Timothy Copnell, director of corporate governance at KPMG, said the real issue would be whether there would be a shortfall of the ‘right quality people’ with ‘top companies fighting over a small pool of candidates’.
But he said that events like the Equitable fallout and recent changes to the combined code on corporate governance would see directors questioning ‘whether they can fulfil a large number of NED roles’ given that it is a much more ‘onerous role, with much higher shareholder expectations’.
Last week, Justice Langley ruled that the former non-executive directors at Equitable Life could be sued alongside former executives and former auditors Ernst & Young. A trial is expected to begin in April 2005.
Among those who will stand trial will be chartered accountant Peter Davis, the former lottery regulator and former audit partner at PricewaterhouseCoopers.
He will be joined by Peter Sedgwick, the former chairman of Schroders Bank, Jennie Page, former Millennium Dome boss, and David Wilson, chairman of housebuilder Wilson Bowden and five others.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements