10 crucial minutes under the tapestries
Saturday 06 January 1996
Michael Lawrence discovered he was to face a vote of no-confidence only half an hour before the scheduled 11 o'clock board meeting in the starkly modern board room at the top of the Stock Exchange building on Old Broad Street. He had little time to prepare the most important address of his two years as chief executive.
He spoke for only a few minutes to the 17 assembled board members, three short of a full complement, seated around the large crescent shaped table that dominates the room. Less wood-panelled old City than medieval court, his fate was to be decided under the shadow of a series of magnificent tapestries, representing the City of London.
John Kemp-Welch, his chairman, then informed Mr Lawrence that the loss of confidence with which he was viewed by both the board and the Stock Exchange's members had reached crisis point. A vote would be taken immediately on whether he should be required to resign his position.
At this point, barely 10 minutes into the meeting, Mr Lawrence left the room for the last time. He knew the result of the vote before it was even taken and went straight to his office to consult with trusted members of the executive he had created in his attempt to build a more commercial structure than the old boys' club deciding his fate in the board room.
Back in the boardroom, the 17 board members, representatives of the most powerful market-making firms in the City and some of the biggest institutional investors, a director of the Bank of England and a captain of industry, cast their votes. It was not unanimous, but there was never any doubt about the result.
Gillian Anderson lays into gender disparity in Hollywood
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Jennifer Lawrence nude photos leak: More celebrities allegedly targeted as third wave of hacked images released
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...