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Tenet firms want seat on board

Major Tenet shareholders Standard Life, Norwich Union, Aegon and Friends Provid- ent are jointly recruiting an independent provider rep-resentative to sit on the network’s board.

The four companies have agreed a selection process and say they will announce an appointment within the next two months.

Standard bought a 20 per cent stake in Tenet in July and at the same time the other three insurers all increased their holdings from 9.9 per cent to a similar level following the demise of the better than best rule.

It marks the first time that any of the provider shareholders has had representation on the Tenet board.

The board position is effectively a replacement for a non-executive appointed by venture capitalists Aberdeen Murray Johnstone, which exited the group recently by selling the last of what had been a 60 per cent stake to the firms.

Norwich Union distribution director David Barral insists the providers will maintain an arms length relationship, insisting that the measure is just to ensure good governance in what is a significant investment for the providers.

Tenet chief executive Simon Hudson says: “The providers are not directly involved in the running of the business by any means but we want them to be happy with our non- executive directors.”

Barral says: “The provider shareholders are agreeing a selection process for the recruitment of an independent provider representative who will be on the board.”

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