Minutes of EMAG committee meeting, 19th February 2001

Present: Vincent Nolan, Tom Lake, Michael Lister, John Gardner, Paul Braithwaite, Adrian Howard-Jones, Alex Henney, David Browning (EMAG committee members) Jeremy Lever QC , Colin Slater, Andrew Pike (EMAG members)

Apologies: Liz Kwantes

1. Minutes of Previous Meeting
   
   The Minutes of the meeting held on Jan 29th. were approved.
2. Agenda and Minutes
   
   Agreed that the record of decisions and actions might be supplemented by fuller minutes prepared by TL for the benefit of members not present.
3. Counsel's Opinion
   
   JL and AH-J reported on progress in obtaining Counsel's Opinion. AH-J had handled difficult negotiations with the Society and their solicitors, Denton Wilde Sapte. EMAG's submission was briefly displayed to the meeting (two volumes).
   
   
4. Committee Membership
   
   Colin Slater was invited to join the Committee
   
   
5. Finance ML reported that there was now £21,887 at the bank.
6. Membership
   
   Membership was now between 1,400 and 1,500, of which 700 had joined since the New Year. The latest response rate for mailings was only 3.3%
   
   
7. Recruitment Drive It was agreed to suspend the Recruitment Drive for the time being
   
   The issues were: PRO: that building up a membership with a reasonable subscription is the only way in which members, a fair proportion of whom do not have email or web access, can be reached and informed. Even at relatively low rates of response the process can be more than self-funding and membership could be increased radically before the AGM. CON: With the new chairman just arrived and the Halifax deal done it is not clear what the immediate appeal to members will be. The response rate is low, presumably the subscription offer is not attractive. Defer recruitment until the issues are clearer.
   
   
8. Treasury Select Committee
   
   DB will make a further submission
   
   
9. Communication to Members
   
   We should send out a letter to all our members and tell them that the Halifax deal does not solve the problem
   
   
10. Roadshow EMAG to seek involvement/representation in Treves Roadshow
11. Litigation EMAG must ensure that the new Board does it's duty in respect of litigation against the former Directors and advisers. We should confirm with Treves that he will take active steps to find out, through independent solicitors, whether there has been a breach of duty. We support EPHAG in demanding an independent legal audit.
    
    Member Andrew Pike had drawn up a dossier relating in this respect which he addressed briefly.
    
    
12. EMAG Attitude to New Chairman 'Pushy Co-operation' and 'Critical Collaboration' were suggested. It was agreed that EMAG should continue to be pro-active. EMAG is not seeking an alternative candidate to Vanni Treves.
    
    It was agreed that PB should write to Peter Wilmot asking for the names of Directors who attended the Board Meeting on Feb. 4th and were entitled to vote on the decision to approve the Halifax deal (Done)
    
    
13. Capping Negotiations EMAG's Objective is to promote a settlement which will put a stop to the litigation. EMAG favours a settlement and offers the services of its members to contribute. We wish to help, to put our members in a position to decide for themselves. EMAG should not put itself in the position of representing any sectional interest. We are willing to co-operate in the hope of making constructive suggestions in the general interest.
    
    Further, EMAG could involve itself in discussions of the principles, method of proceeding to decision and so on.It would be wise to await Leading Counsel's opinion before moving irrevocably.
    
    VN to write to Treves saying that we want all the information needed to arrive at a settlement and ensure that the Warren findings are taken into account.
    
    Vincent Nolan