Abdicating responsibility at British American Tobacco
The announcement by British American Tobacco that it has disbanded its corporate social responsibility committee has raised some eyebrows. The scrapping of the committee designed to “make sure the business is living up to its principles and standards” comes as the company is being scrutinised by the Serious Fraud Office over allegations that some employees in east Africa paid bribes. I’m told the committee was not dealing with the allegations, and its disbandment was “a case of reducing duplication”.
More fag packet wisdom
Sad to report that Jim Feeney, a titan of the British technology industry, has died aged 73. Mr Feeney was the programmer behind the Centre-file system used by stockbrokers 50 years ago before he joined Hoskyns, the IT outfit, where he kept detailed strategy files. Richard Holway, an analyst at TechMarketView, relates an anecdote from Geoff Unwin, boss of Hoskyns in the 1980s. “When I looked inside the files it was full of empty Senior Service cigarette packets. There on the back of them was Jim’s spidery writing.There was more insight and sense on those few packets than any consultant’s weighty strategy tome.”
Shouting the odds
Claims that the bookies are on their uppers after Leicester’s 5,000-1 Premier League triumph are, as any punter will know, wide of the mark. The few million paid out on Leicester will be nothing compared with the amount lost by punters on Manchester United and Chelsea. The suggestion that such long-odds offers will vanish is also risible. For next season’s Premier League, West Brom are on offer at 2,500-1 with Betfair. For optimistic Foxes fans, Betway and Bwin are offering 40-1 on lightning striking twice.
Branching out
A reader has reinforced my view of online banking. Having spent 17 minutes yesterday trying to get through to the HSBC telephone support line, she tried the “live chat”. An operative confirmed that she still needed the telephone support team but as the waiting time was 59 minutes she would be better off visiting her nearest branch. Wise words. “I drove the eight miles to the branch, sorted out the issue, popped into the supermarket and drove home — all in under 59 minutes!”
Business big shot
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Name Robert Sharpe
Age 67
Position Chairman, Bank of Ireland UK
Robert Sharpe, who was parachuted in to run West Bromwich Building Society during the financial crisis, is becoming the new chairman of Bank of Ireland in the UK.
Mr Sharpe became famous for a lucrative payoff when he oversaw the sale of Portman Building Society to Nationwide in 2007.
He was enjoying the fruits of his labours — a £152,000 annual pension and £1.66 million payoff — when he was asked to step in at West Brom. The married father of five took on the challenge and steered the society from danger.
A non-executive director of Aldermore, his appointment to Bank of Ireland marks a return to the lender, where he was chief executive of the UK arm for seven and a half years up to August 1994.