Correspondence: 04/06/2004 - Paul Braithwaite to Vanni Treves
Mr. Vanni Treves
Equitable Life
55 Basinghall Street
London EC2
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42, Bartholomew Villas
Kentish Town
London NW5 2LL
4th June, 2004
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Dear Mr Treves,
I write to inform you of Colin Slater's appointment as chairman in place of Alex Henney at the recent EMAG committee meeting.
The committee of EMAG, including myself, hope that this may renew co-operation between EMAG and Equitable Life with regard to the recovery from public funds of compensation for policyholders, whether on account of maladministration and/or breach of European Community Law. Colin has a history of co-operation with the Equitable Life board going back to the consultation phase of the compromise in 2001.
We wish to make clear that, far from seeking to encourage policyholders and ex-policyholders to sue Equitable Life, EMAG has never supported such actions and when the committee met Ms Ruth Kelly recently we complained about her apparent encouragement of such behaviour.
Although EMAG must reserve its right to comment and communicate upon any aspects of Equitable Life's governance and policies which the committee believes to be against the interests of policyholders, the committee has asked me to stress to you that it recognizes the desirability of any such comments being made in suitably measured terms and that the introduction of personalities is, so far as is possible, to be avoided.
Finally, I would like, on behalf of Colin Slater and the EMAG committee, to reiterate our willingness to meet with non-executive directors to discuss areas of common interest, particularly issues surrounding EU Insurance Directives and their implementation by the UK government.
Yours sincerely,
Paul Braithwaite
General secretary of EMAG
Copy to the non-execs and EMAG website
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