Following consultation and responding to today’s announcement by Lloyds TSB Group, Peter Montagnon, ABI Director of Investment Affairs, commented:

“It is up to individual investors to make their own mind up in these matters, and our Institutional Voting Information will be guided by members’ views in compiling its report.
 
“With regard to the Combined Code aspects, however, the market is likely to view positively the company’s clear confirmation that this is a transitional situation during which the senior independent director will be available to shareholders.”

- ENDS -

Notes

Notes for Editors

1.      Enquiries to: 
Lucy Butler  020 7216 7411 (Mobile: 07712 841 184)
 Alan Leaman  020 7216 7440 (Mobile: 07957 482 330)
 Jonathan French  020 7216 7392 (Mobile: 07958 330 480)
 Malcolm Tarling   020 7216 7410 (Mobile: 07776 147 667)

2.      The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3.      An ISDN line is available for broadcasts.

05/06