Strategy (as of 14 January 2001)

The common interests of policy-holders that we are seeking are:

1. Representation of Members' interests - Reform of the Board.
2. Transparency on all Policyholders' liabilities and Fund performance.
3. Long-term best disposition of Asset management.
4. Certainty of no further litigation after any settlement.
5. Removal of investment constraints to improve returns.

We emphasise that policy-holders have interests in common, not only benefits to fight over. To achieve certainty (or as near as possible) of no further litigation requires a settlement widely recognised as equitable. The means that we are using to further these interests are:

1. Building up membership - to be able to call an EGM, or table motions at an AGM and wield useful numbers of proxies at an AGM.
2. Pressing the Society to take Leading Counsel's opinion on the possibility of further legal proceedings to constrain or restrain the effects of the HoL decision.
3. Cooperating with other members groups
4. Negotiating with the Society's Board on reform.
5. Exploring and encouraging settlement between policy-holders

We don't see voluntary settlement and legal proceedings as contradictory - indeed proceedings set the context for settlement - a favourable Counsel's opinion would be very helpful in moving to settlement and the conclusion of proceedings would mop up those that had not moved voluntarily one way or the other.