LV

Money, investing, mutuals etc
blythburgh
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Re: LV

Post by blythburgh » Wed Aug 18 2021 9:37am

Trustee wrote:
Tue Aug 17 2021 1:15pm
LV=
CEO. Mark Hartigan - total remuneration £1.21m
CRO. Wayne Snow - total remuneration £1.05m
Nice work if you can get it... :shifty:
I agree Trustee but the problem is the same as in football. So many firms/clubs chasing the best people push up the salary paid. And the ones above are small beer compared to same firms
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

Official_Froggitt
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Re: LV

Post by Official_Froggitt » Tue Sep 21 2021 3:39pm

The Webinar a couple of weeks ago basically said LV needed to invest heaving in an under invested business, and the only people who would fund that would be the members, and that it would likely take 8 or 9 years to break even on that investment, by which time many (half?) the WP policies would have matured, and those members would have seen the cost of that investment but none of the benefit. Therefore it was decided to find someone to fund that investment that could take the longer view.
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planteria
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Re: LV

Post by planteria » Tue Sep 21 2021 7:22pm

..and it's a shame, but it's difficult to argue with their conclusion imo.
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Essex123
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Re: LV

Post by Essex123 » Mon Nov 08 2021 10:34pm

Voting packs are in the post!

https://www.lv.com/about-us/press/lv-pu ... -vote-pack

Flat rate payments of £100 are order of the day.

The biggest chunk of the acquisition price seems to be going to support their own DB pension fund though?
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Official_Froggitt
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Re: LV

Post by Official_Froggitt » Tue Nov 09 2021 7:55pm

Voting pack arrived. So basically its a crap business, run badly, worth buttons. They had a dozen bidders, and Bain offered the most. If the mutuality zealots vote this down, the next bidder, Royal London, will give you nothing, except another dose of mutuality.

£100 plus 0.1%.....gonna blow it on booze, fast cars, loose women, and squander the rest.
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planteria
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Re: LV

Post by planteria » Thu Nov 11 2021 11:28am

i'm not home so haven't received my pack so far.
thank you for the link Essex123.
i'd have guessed at more than £100 as a windfall based upon the previous correspondence and the press interpretation thereof. the 0.01% is per year the policy has been/will be held since 1996, so for many of the original 'baggers more like 2%.
so, arguably 'thin gruel', but is there are a better alternative than just supporting the recommendation of the board?
from my perspective if i don't want to stick with them i could merge my pension pot into another one for simplicity and chop in my bond at the anniversary date and use it to contribute to the current year's ISA allowance..
i can't really see there being a compelling reason to stick with a Bain-owned LV.
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Trustee
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LV

Post by Trustee » Sat Nov 20 2021 3:19pm

no bonus for the directors but 'business as usual' remuneration benefits.. shouldn't they feel the pain for a lack of conviction and throwing in the towel.

Vote 2 is sneaky - if approved, it allows LV= to change the 50% voting threshold even if vote 1 is not approved. How very 'mutual' :roll:

I'd like to vote both down in protest but will probably take the cash, buy a curry for Mrs T and move on.

If LV= was one of the more progressive, well known mutual brands.. what hope is there for the rest.

planteria
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Re: LV

Post by planteria » Sun Nov 21 2021 7:50am

the car insurance business is already owned by Allianz, blyth, but continues to be sold as LV-branded products.

Royal London have waded into this takeover, with a “hand grenade”…

https://www.bbc.co.uk/news/business-59306193

it seems that LV’s board are fighting back hard, but i wonder whether there could be a momentous ‘vote against the board’ in the offing.

Trustee
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Re: LV

Post by Trustee » Wed Dec 01 2021 1:44pm

LV= must have spent north of £100 a member on the desperate 'please vote [yes] comms.

would have been better advised to cough up £250/ cash per member.
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parchedpeas
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Re: LV

Post by parchedpeas » Wed Dec 01 2021 2:20pm

Have no idea what's best for the company, but voted no (x2) in this house for the derisory £100 offer.

I'd rather make them try harder.
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