Iconic finance mutual LV= holds its AGM on Thursday (30 October), the last before its planned sale and demutualisation.
The meeting will see the chair and directors put themselves up for re-election, and Labour/Co-op MP Gareth Thomas, who has been leading parliamentary investigations into the planned sale, says it is “likely to be the last chance for members of LV= to hold to account their board” and “ ask some tough questions”..
The AGM is again being held online and the deadline to cast votes including on the reappointment of board members is 3pm today.
Plans to sell the mutual to US private investor Bain Capital have sparked controversy, with the All Parliamentary Group on Mutuals, chaired by Mr Thomas, quizzing regulators along with leading representatives of both businesses.
LV= chair Alan Cook will be appearing before the APPG for Mutuals, added Mr Thomas, although a date has not yet been confirmed..
Mr Thomas said: “Thursday’s tightly controlled AGM is the last real opportunity for Liverpool Victoria’s member owners to get serious answers about whether the proposed demutualisation is really necessary, why a huge injection of capital is needed and why the Board opted apparently to take a lower bid from the controversial US private equity giant Bain Capital rather than from another mutual?
“And importantly what are the benefits from this deal for the chairman and the board?”
LV= has repeatedly defended the plan, and has said: “Bain Capital was singular in offering not only an excellent financial outcome for members but also an unrivalled and long-term commitment to LV=’s future prospects, business and people.”