Banking chief attacks new code

Arbuthnot logo
Originally uploaded by governancefocus.

The chairman of the banking group Arbuthnot launched a scathing attack on corporate governance rules yesterday.
As Arbuthnot moved its listing from the main stock market to Aim to avoid so many rules, Henry Angest said: "It is our view that over the past eight years, the regulatory climate in the UK, in common with the trend in Europe, has become ever more burdensome for business and free enterprise.

"Political correctness, corporate governance practices and Higgs in particular have made life for quoted companies difficult and the freedom to manage has been severely restricted," Mr Angest said at the company's annual meeting.

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