20 December 2004

Myners Review of the Governance of Life Mutuals

Final Report

The final report of the Myers Review of the Governance of Life Mutuals was published on 20th December 2004.

The documents below are available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

Press notice: Myners Urges All Life Mutuals To Adopt Corporate Governance Best Practice
Press notice: Government Welcomes Myners Report On The Corporate Governance Of Life Mutuals

PDF file of Myners review of the governance of life mutuals, December 2004: Final Report Introduction and Summary (Chapters 1 and 2) (243KB)
PDF file of Myners review of the governance of life mutuals, December 2004: Final Report (Chapters 3 to 11) (665KB)
PDF file of Myners review of the governance of life mutuals, December 2004: Final Report Annexes (200KB)

Research reports

A number of pieces of research were commissioned in the course of the Review.

PDF file of Issues in the Governance of Mutuals in the Financial Sector by Professor David Llewellyn (220KB)
PDF file of Attitudes of Members of Mutual Life Offices by RS Consulting Ltd (480KB)
PDF file of A Survey of Corporate Governance in Life Mutuals by IFF Research Ltd (420KB)

Consultation

The Review’s consultation document was launched on 9 July 2004. It includes questions about the corporate governance guidance that applies to mutual life offices, the roles of policyholders, regulation and market disciplines in the governance of life mutuals as well as some questions about the role of non-executive directors in complex businesses such as life insurance.

Background

Following the Report of the Equitable Life Inquiry, Ruth Kelly, the Financial Secretary to the Treasury, announced an independent review into the governance of mutual life insurance offices in the UK.
- Press Notice: 08/03/04 Independent reviews into corporate governance of mutual life offices and the actuarial profession
- Report of the Equitable Life Inquiry

Copies of reports

Copies of the final report and the research reports are available from the Correspondence and Enquiry Unit.

The Correspondence and Enquiry Unit
2/W1
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ

Tel: 020 7270 4558
Fax: 020 7270 4861
Email: ceu.enquiries@hm-treasury.gov.uk