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Treasury picks two non-executive directors for Lloyds Bank.
(From Guardian Unlimited)
The first government-approved appointments to the board of the new Lloyds Banking Group are expected this week under the terms of a GBP12bn cash injection by the taxpayer.
The government is entitled to nominate two non-executive directors to the board of Lloyds, created by the rescue of HBOS by Lloyds TSB.
UK Financial Investments, the body set up by the government to manage its stakes in banks, controls 43% of Lloyds and will soon control 70% of Royal Bank of Scotland, where it can oversee the appointment of three new non-executives.
The two new directors for Lloyds -Banking Group are Tony Watson, the highly regarded former head of the Hermes pension fund -management group, and Tim Ryan, chief executive of the US -Securities Industry and Financial -Markets -Association.
This week the government is also expected to publish the formal terms of engagement for UKFI, which is intended to operate at arm's length from the Treasury.
UKFI is expected to make it clear that it will exercise its votes at annual general meetings and wants to ensure ...
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