Non-executive directors should be keeping a close eye on the developments of Equitable Life

With £4bn at stake, the courtroom was packed on 8 April as Equitable Life kicked off its claim against Ernst & Young and 15 former directors. But while the case may be nirvana to court reporters, it has potentially grave implications for non-executive directors in the UK.

Equitable's chief executive Charles Thomson is reported as having said in a media statement: "Policyholders are baying for blood and nothing less than blood will satisfy them." Such a need to name those personally responsible rather than letting the corporation shoulder the blame for mistakes will send shivers through directors everywhere.

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