25 February '04 - Minutes of the 36th committee meeting of EMAG

1. Treasurer's report. The monthly report had been circulated to the committee in advance and was signed by all committee members present. At the end of March EMAG will have circa £15,000, unfettered with a substantial sum reserved for potential legal costs.
   
   
2. Judicial Review: Stephen Grosz reviewed the state of our claim for JR. The next stage will be for the judge looking at the papers to decide whether to grant permission for the claim forjudicial review (probably in around 4 - 6 weeks).
   
   The judge could well ask for a hearing in court:
   1. because of the complexity of the case
   2. because permission could be selective and a pre-emptive costs order is being sought by EMAG and resisted by the PCA.
   A hearing of half a day is likely. (This will not be before mid-April). EMAG would to be represented by a barrister in the hearing.
   
   Stephen asked for corrections to his draft response to the contesting grounds to be integrated by TL and returned to him by March 1st.
   
   
3. European Aspects. LS has been exploring these avenues for 18 months. EMAG is facing a block with the PCA and opposition from the Treasury. LS's interpretation is that apart from Equitable there are still many failures to come in the finance industry and the Treasury is resisting liability. The Treasury is manning the defences. Hence European approaches might be the only way to achieve compensation.
   
   LS gave an outline of useful actions that could be taken on the European stage and requested a committee mandate to confirm his standing in these matters. The committee thanked LS for his considerable efforts, and noted that he could not be expected to take these matters forward to a more intensive pursuit without remuneration.
   
   
4. Resolution on European Aspects:
   
   The committee voted as follows:
   
   "The EMAG committee mandates its member Leslie Seymour to investigate and progress the interests of Equitable Life present and former European policyholders in the light of European directives."
   
   Passed nem con. with the proxies of Chris Carnaghan and Alex Henney: Leslie Seymour abstaining.
   
   The committee voted to allot the preliminary sum of £5,000 for LS's costs, including substantial use of his time.
   
   
5. ELAS AGM resolution
   
   EMAG intends to bring forward an ELAS AGM resolution to underpin action for government compensation.
   
   A survey of 2,500 members on email resulted in a good return.
   
   ELAS's AGM will be on the 19th May 2004, with our requisition required 8 weeks in advance (March 24th).
   
   The committee voted nem. con. to provide the costs of printing and mail-shot to an adequate group of EMAG members and authorised CS and PB to progress this matter.
   
   
6. E7 and Compensation
   
   ELAS has told E7 that it will not meet the policyholder groups until ELAS has digested Penrose and will then invite E7 representatives to meet some executive and non-executive board members.
   
   If Penrose is further delayed EMAG will ask to meet the board to discuss issues of common interest.
   
   
7. AOB

Next meeting - Small Mall Room of the RAC Clubhouse,
Wed 7th April at 6.45pm for 7.00pm

Tom Lake and Paul Braithwaite
26th Feb, 2004

Note: During the currency of the application for Judicial Review the committee is inhibited from giving any more than a broad outline.