European campaign news
EU recognises failure of corporate Governance
Meanwhile, in Brussels there are calls for the UK to get its house in order. The virtual collapse of Equitable could be repeated if stronger corporate governance safeguards aren't added, according to Mick McAteer, a consumer representative on EU insurance regulatory panel CEIOPS. He said: "There was a complete failure of corporate governance on the part of Equitable Life. People in positions of power were able to abuse those positions of power."
In 2007 the EU Parliament debated a damning report into the UK's supervision of Equitable Life, with more than 600 MEPs voting to call on the British Government to compensate victims.
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