Link: Higgs report
The move has drawn criticism for shareholders for going against the combined code for corporate governance, which specifically advises that chief executives of companies should not then go on to become their chairmen.
The guidelines were originally included in the much-criticised Higgs report which was eventually toned down to appease business concerns. The Association of British Insurers and the National Association of Pension Funds have both said they will be looking at the bank’s explanation very closely.
Current chairman Sir Peter Middleton said in the Financial Times: ‘Matt has not been with us for very long. We want to maximise the best use of him. I’d rather a bank was run by people who know something about banking.’
John Varley is due to take over the role of chief executive.
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