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MP calls for Yorkshire Building Society vice-chair to quit over LV= role
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The vice-chair of Yorkshire Building Society faces calls to resign over her role pushing through the sale of fellow member-owned firm LV= to a US private equity buyer, amid concerns that it could kickstart a wave of demutualisation.
Gareth Thomas, chair of the all-party parliamentary group for mutuals, said there were serious questions over Alison Hutchinson’s position on the board of the building society while pursuing the sale of another big customer-owned firm.
As well as her role as vice-chair of Yorkshire, Hutchinson is a non-executive director on the board of LV=, which has backed the sale of the 178-year-old firm owned by its members to Bain Capital for £530m. The 1.1 million members of the insurer, formerly known as Liverpool
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