the friend online
25 September 2009


Friends Provident - preview
Steven Burkeman and Andrew Gunn wrote telling letters (11 September) about Friends Provident (FP)

  • I echo their concerns and sadness
  • I quote from a letter in the Friend (12 May 2000) written by eight former directors of Friends Provident – of which I was one – who were seven Quakers and one attender: ‘If Friends Provident is no longer a mutual company as in the past, then it “demutualises” and becomes a plc and a significant consequence is that managers and directors will be measured by, and respond to, their shareholders to whom, in the main, economic performance is the sole criterion
  • There is likely to be a totally different view of values: on the one hand, the life insurance policyholders invest over the long term and are relatively risk-averse while, on the other hand, shareholders time horizons are generally (not always) very short and they are prepared to accept higher risks of success and failure and associated rewards

  • Lyn Wilson

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