View more on these topics

CII proposes new approach to corporate governance

The CII has proposed a new approach to its corporate governance to reflect best practice in the 21st Century, strengthen accountability and increase membership engagement.

In the proposals a new Board will be established to assume governance duties. This Board will mirror the duties and obligations of a board of directors found in a limited liability company and will consist of elected members, lay members, consumer representatives and industry specialists. The existing Council will then be expanded and will take on a representative role.

The proposals are a result of an initial detailed study led by the CII’s Professional Standards Board, chaired by Lord Hunt, which reviewed best practice across industry and the public sector and decided to benchmark CII governance against the Langlands Standards in Public Life. A committee led by former president Allan Bridgewater then developed specific recommendations for further consultation.

CII president Peter Hales says: “We took the decision to carry out this review of our governance as the CII has progressed rapidly – establishing our range of faculties, delivering numerous initiatives and expanding overseas – since the last review five years ago. We are now a professional body with nearly 90,000 members and we need a structure which is appropriate for the governance of a major professional body.”

The CII Council approved the principle of the review proposals at its meeting on July 19, 2006. Further communication will now take place with the membership including a series of roadshows in September and October prior to the November Council meeting at which final approval for the proposals will be sought.

Recommended

Clerical is criticised for switch promotion

Clerical Medical has been accused of going against the principles of treating customers fairly after promoting a product as “excellent for bond switching”. Broker consultants from Clerical Medical have been emailing adviser firms promoting its investment bond with the line “Up to 8 per cent commission or 108.75 per cent allocation – excellent for bond […]

Package deal

Financial services recruitment has been witnessing a trend for some time. The candidate market or pool of talent is ever shrinking and finding qualified individuals is becoming increasingly difficult. One of the main reasons for this is the very small number of institutions that train raw graduates with a view to moulding them into accomplished […]

Baldwin takes IT role at Winterthur

Harry Baldwin has joined Winterthur Life as IT development manager to expand its Professional Edge range of adviser support services. Baldwin was previously in a freelance role providing IT consultancy to IFAs.

Savers’ safety fears in central scheme

An Association of British Insurers’ survey on pension personal accounts has found 60 per cent fear for the safety of their savings under a centrally administered NPSS compared with 47 per cent for an industry model. Eighty per cent want some choice over who administers their account.

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment