15 May '03 - Minutes of the 29th committee meeting of EMAG

Held at:    The RAC Clubhouse

Present:     Committee - Alex Henney (Chairman), Colin Slater, Paul Braithwaite, Tom Lake, Rodney Allen, Betty McCann, Leslie Seymour, Mike Neal
                  Members: Chris Carnaghan, Oliver Parsons, Lorna and Guy Lancaster
Apologies: Gabrielle de Pauw, Jeremy Lever, John Newman

In attendance: Sir Gordon Downey, Peter Bingle and Paul Montagu-Smith (both from Bell Pottinger), Paul Weir (ELJAG)

1. Treasurer circulated her report for period to May and pointed out that funds were only sufficient to cover EMAG's present costs for circa three months.
   
   
2. Sir Gordon Downey made an informal presentation about the regulatory environment. He praised the excellent second EMAG submission to Penrose, prepared by Alex Henney. He emphasised that ELAS was an exceptional case and the important need for us to counter The Treasury's determination to keep the spotlight only on the period post 1999. Drawing a parallel with the secondary banking crisis in the early 1970s, he believes that ELAS's problems could have been addressed and contained. In his own submission to Penrose he expressed the view that there is a moral case which should lead the Government to accept liability. In Sir Gordon's view resolution is needed primarily to recreate confidence in the industry.
   
   
3. Bell-Pottinger described their strategy to precipitate a labour party inspired EDM to call on the PO, in the light of the BH report, to broaden her investigation into maladminstration in the 1990s. BP to progress and also approach CA. EMAG to organise a presence at Party Conferences in October in the run up to Penrose Report publication.
   
   
4. Leslie Seymour described his progress on bringing the problems of ELAS to the EC Court. LS was given an approved budget to progress. A meeting has been set with Class Law to discuss parallels with and relevance of Independent Insurance. Tom Lake proposed a vote of thanks to Leslie for sterling work.
   
   
5. The legal opinion commissioned from solicitor Andrew Pike was discussed. It was agreed to approach Charles Thomson to offer the opinion in advance of a discussion with him and Herbert Smith with regard to exploring legal redress against DWS.AH to progress with AP and CT.
   
   
6. Paul Weir reported on the position of ELJAG in seeking to represent aggrieved late-joiners. ELJAG is in an ongoing dialogue with Lovells. It is wholly supportive of EMAG's pursuit of Government compensation.
   
   
7. PB updated the committee on the full mailing that had been despatched to all EMAG members to solicit renewed subscriptions and to alert policyholders to issues for consideration at the forthcoming AGM and to encourage members to vote in favour of the proposed changes to the Society's Mem and Arts.
   
   
8. AOB. The committee welcomed Mike Neal as co-opted new committee member. His details will be posted on the website. A series of suggested questions for the ELAS AGM, proposed by EMAG members, is being regularly updated on the EMAG website.

Next meeting: (EMAG committee's 30th): Thursday July 10th, 2003 in the Small Mall room of RAC's Clubhouse, Pall Mall, London at 6.45pm for 7.00pm. Any EMAG member wishing to attend should e-mail in advance to: emagpr@yahoo.com, please.

PB
7th July, 2003