21st Jan '03 - Minutes
of 26th EMAG committee
Held at: The RAC
Clubhouse, London
Present: Committee
- Alex Henney, Colin Slater, Paul Braithwaite, Tom Lake, Rodney Allen, Leslie
Seymour.
Members: Sir Jeremy Lever, John Newman, Oliver Parsons, Christopher Poulton,
Mike Neal
Apologies for absence: Betty McCann, Gabrielle de Pauw
1. Treasurer's Report: Betty McCann was abroad. She had circulated
in advance a spreadsheet of all expenditure since the last meeting plus details
of all future commitments. This was passed as approved. PB reported that this
leaves EMAG with circa £80,000 unfettered.
2. Colin Slater presented
Burgess Hodgson's completed and extensive report on forensic accounting analysis
prepared from all publicly accessible records for the period 1993 to 2000.
He had approached the Independent Actuary Mike Arnold for clarification on
the numbers used in his October 2001 report, but co-operation had been denied.
The committee agreed to send advance copies to Charles Thomson at the Society
(to identify any factual corrections prior to publication) and to the Penrose
Inquiry. The report will remain confidential for the moment.
3. Peter Bingle and Paul
Montagu-Smith both of Bell-Pottinger Public Affairs - made an informal presentation
of the work that they anticipate doing on behalf of EMAG in the coming months.
AH and PB to be yhe interface for EMAG. After a comprehensive discussion around
the strategic approach they recommended the BPP executives left.
4. AH reported on his
study of the three acts governing Insurance/lifecos plus the study of FSA's
regulation prepared by Ronnie Baird. These, plus the Burgess Hodgson report,
form the basis of EMAG's formal major submission to the Penrose Inquiry now
being finalised by AH.
5. RA reported progress
of the dialogue with solicitors on the brief he had drafted with the help
of JL. He anticipates circulating a quotation to the committee in the near
future, prior to proceeding.
6. LS raised the question
of how distribution of any compensation would be organised and allocated.
It was agreed that EMAG's policy is to seek compensation for all policyholders
(present and past) who have suffered financial loss. It was felt that it is
not EMAG's prerogative to propose any distribution formula. A base yardstick,
which needs to be simple, was suggested to be the Dec 2000 policyholder valuation
statements.
7. LS was given budget
approval to explore with Brussels lawyers exploring EC legal options. LS is
away until Feb 13th.
8. PB reported on plans
for the policyholder meeting in Norwich, which EMAG has actively promoted.
Also on his having attended in court the strike-out action by Ernst and Young
and success in obtaining the legal skeletons, plus witness statements. He
also reported on a constructive meeting about common issues and co-operation
with the new chairman of EPHAG, Michael Caley.
9. AOB: AH and
CS confirmed that they had both exited the ELAS with profits fund but are
willing to continue in their roles within EMAG. CS confirmed that he had now
discharged his undertaking to donate all personal proceeds resulting from
the May mailing with Moorgate House to Cancer Research Ltd.
Next meeting: Small Mall
room at the RAC Clubhouse, Pall Mall, London at 6.45pm for 7.00pm on Tuesday
4th March, 2003. Any EMAG member wishing to attend should first contact PB (emagpr@yahoo.com).
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