COMMENT:Stock Exchange has to find purpose for itself
"In the clubbable atmosphere of the 'old' City, Mr Lawrence's action is seen as a kind of betrayal, a wholly unnecessary washing of dirty linen in public."
Tuesday 13 June 1995
In his brief period as chief executive, Mr Lawrence has made some powerful enemies in the City; many have come to regard him as not much better than his predecessor, Peter Rawlins, though Mr Lawrence can hardly be accused of the sort of management failure that led to the Taurus fiasco. As we reported yesterday, there has been growing criticism of the exchange's lack of transparency in explaining to members how it arrives at the level of bonuses for senior staff.
Last week's decision to go public on the gencos row is cited as the most dramatic evidence yet of Mr Lawrence's tendency to shoot from the hip. He stands accused of bad judgement and not necessarily acting in members' best interests.
Some of this is just an entrenched establishment ganging up on an outsider. John Kemp-Welch, who is about as City establishment as they come, has notably failed to come to his aid. His chairmanship has so far been a passable imitation of the Invisible Man. But most of it is symptomatic of the exchange's failure to find a proper role and purpose for itself in the modern world.
If the exchange is now just a club, a trade association, then what Mr Lawrence has done in apparently kicking the membership that feeds him shows distinct death-wish characteristics. But if the exchange's purpose is also to act as a champion for investors, sometimes against the interests of its members, then Mr Lawrence has probably done the right thing.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 3 Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
- 4 Fifa corruption: Europe plots to stage an 'alternative World Cup' in place of Russia 2018
- 5 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
Photographer who performed naked shoot in China's Forbidden City sparks outrage
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the ‘demon drink’ - latest news
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...