Thurso laments poor start for organization managing taxpayer stake in banks.
March 4, 2009 12:00 AM
The chairman and chief executive of UK Financial Investments were today questioned for the first time before the Treasury Select Committee. The UKFI is the new organization set up by the government to manage tax payer stakes in British banks and is based in the Treasury. Glen Moreno UKFI's acting chairman and John Kingman the chief executive gave MPs an insight into how the new organization works but also came under sustained criticism.
The biggest criticism leveled at the executives was over a lack of details on executive pay in the banks where the British taxpayers were majority shareholders, especially as these details had been specifically requested beforehand. There were also concerns from MPs over plans to pay UKFI staff bonuses (admittedly at a much lower level than banks paid out), and over a lack of transparency in the organization.
John Thurso, Liberal Democrat member of the Select Committee and Shadow Business Secretary said "It was a very bad start for them. I don't know whether it was because John Kingman was a former Treasury offical and his habit of giving nothing away to a select committee is so deeply ingrained."
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