Financial Times cited AKTIS data in their analysis of Metro Bank’s corporate governance issues.
Metro Bank’s governance standards have long been questioned, even before the accounting error that prompted regulatory investigations by the FCA and PRA. Vernon Hill, Metro’s Chairman and co-founder, has been criticised for undertaking related-party dealings with a company owned by his wife. He was previously dismissed by the board of Commerce Bancorp, a New Jersey-based lender he founded in 1973, over similar accusations.
The independence of Metro Bank’s board has also been denounced, with six of its nine non-executive directors having served in this role since the bank was founded in 2010. AKTIS data shows that the average tenure on the board of Metro Bank is almost double the average at large and midsized UK banks. Metro recently announced governance changes, including the creation of a Deputy Chairman position. This move was lambasted by regulators, as the director nominated for this role has served on the board for nine years.
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