Correspondence: 18/10/2002 - Letter from Alex Henney to Vanni Treves on Governance of the Society 18 October '02 - Letter
from Alex Henney to Vanni Treves38 Swains
Lane
London N6 6QR. 18th October, 2002. Mr. Vanni Treves
Petition regarding governance I draw your attention to the following quotation from the FSA's October "Progress Report: The Future Regulation of Insurance":-
The Society states on its website: "The Board has established a sub committee to review the Articles of the Society. The Board will consider carefully the findings of the sub committee and the views of members (my italics). It will then put appropriate changes to an EGM. The convenient and cost-effective time to hold an EGM is at the next AGM. However, the Board will consider whether the proposals represent a pressing need, which would justify the cost and inconvenience to policyholders of holding an earlier meeting." As you are aware, in May we sent a mailing to members which, among other things, invited policyholders to join EMAG and asked members to support EMAG's proposals to modernise the governance of the Society (I attach a copy of the form). We received 16,179 signed petitions, which the Society is welcome to inspect, and which we have coded electronically. I am sure you will agree that this is a significant number of members, representing about half of the number who voted at the AGM. In view of the support of so many members the Committee of EMAG has drafted the enclosed proposed changes to the Society's Constitution, which cover those aspects of it related to governance and to the provision of information to members. In line with the FSA's wish, our drafting provides for much more effective corporate governance than at present. In view of the level of support of members we would be obliged if you would convene an EGM and put EMAG's proposals to a resolution. Yours sincerely,
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