Difference between revisions of "Halifax Bank of Scotland"

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Profile from [http://www.corporatewatch.org/?lid=1356 Corporate Watch]:
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[[Image:Hbos head office.jpg|right|thumb|HBOS Head Office]]
  
Formed from the merger of the Halifax building society and Bank of Scotland in 2001, and head quartered in Edinburgh, HBoS ranks third in the list of Scotland's top 500 companies and is the seventh largest bank in Europe.{{ref|25}} The company employs around 68,000 staff.
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'''HBOS plc''' is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the [[Lloyds Banking Group]] having been taken over in January 2009. It is the holding company for [[Bank of Scotland]] plc, which operates the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.
  
HBoS subsidiaries also include considerable interests in Australia where it is said to have expansion plans:26 Bank of Western Australia Ltd, BankWest, Capital Finance and St Andrews Insurance; and UK companies Clerical Medical, Birmingham Midshires, Capital Bank, Godfrey Davis, Lex Vehicle Leasing, Hill Hire Plc, BM Solutions; The Mortgage Business; Rightmove; First Alternative; Esure; Employee Share Services; Mentor Professional Services; St Andrews Group, [[St James's Place Bank]], [[St James's Place Capital Plc]], and of course Banco Halifax Hispania, Bank of Scotland (Ireland) and [[Bank of Scotland]] (The Netherlands).
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Formed originally from a merger of the [[Halifax Building Society]] and [[Bank of Scotland]] in 2001, and headquartered in Edinburgh, with 22 million customers and assets of over £540 billion in 2007,<ref>HBOS, [http://www.hbosplc.com/abouthbos/home.asp About HBoS], accessed 01 February 2007.</ref> '''HBOS''' at that point ranked third in the list of Scotland's top 500 companies and was the seventh largest bank in Europe.<ref>Scottish Enterprise, [http://www.scottish-enterprise.com/sedotcom_home/services_to_business_international/lis/about-scotland/about_scotland-keyfacts.htm About Scotland Keyfacts], accessed 31 January 2007.</ref> The company employed around 72,000 staff globally and reported a net income in 2006 of £3939 million.<ref>Fame Company Information Database, (not available online) accessed 19 April 2007.</ref>
  
The HBoS is one of the largest commercial sponsors of sport and the arts in Scotland, to the tune of £19.5 million in 2003, and is best known for its sponsorship of the Scottish Premier League.
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HBOS is one of the largest commercial sponsors of sport and the arts in Scotland, to the tune of £19.5 million in 2003, and is best known for its sponsorship of the [[Scottish Premier League]]. However this was due to expire at the end of the current 9-year deal in 2007.<ref>BBC News Sport, "[http://news.bbc.co.uk/sport1/hi/football/scot_prem/4835062.stm, Bank to end its SPL sponsorship]," 22 March 2006, accessed 13 January 2011.</ref>
  
==HBoS investments==
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==Subsidiaries==
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There are four main subsidiaries at HBOS: [[Halifax Plc]], [[The Governor & Company of the Bank of Scotland]], [[HBOS Australia]] and [[HBOS Insurance & Investment Group]]. Australia features highly in the companies expansion plans {{ref|26}}. HBOS lists 594 active companies that they retain a business interests in,<ref>Fraser, Ian, "[http://findarticles.com/p/articles/mi_qn4156/is_20041128/ai_n12592404/ HBOS cultivates Down Under for growth; Having scrapped plans to]," 28 November 2004, ''Sunday Herald'', accessed 13 January 2011.</ref> some of the more well known subsidiaries include: [[Bank of Western Australia Ltd]], BankWest, [[Capital Finance]] and [[St Andrews Insurance]]; and UK companies [[Clerical Medical]], [[Birmingham Midshires]], [[Capital Bank]], [[Godfrey Davis]], [[Lex Vehicle Leasing]], [[Hill Hire Plc]], [[Sainsbury's Bank]], [[BM Solutions]]; [[The Mortgage Business]]; [[Rightmove]]; [[First Alternative]]; [[Esure]]; [[Employee Share Services]]; [[Mentor Professional Services]]; [[St Andrews Group]], [[St James's Place Bank]], [[St James's Place Group]] (formerly known as St James's Place Capital Plc), and of course [[Banco Halifax Hispania]], [[Bank of Scotland (Ireland)]] and [[Bank of Scotland (The Netherlands)]].
  
Unlike the [[Royal Bank of Scotland]], HBoS is less involved in overseas project finance. Since 2002 the Bank of Scotland consolidated its position as a leader in PPP/PFI type finance, bringing the first such deal to France as a partner in the construction of a new motorway.27 In 2004 it won a major share in an Australian PFI initiative, another road-building project.28 In 2004 the Bank of Scotland part-funded a £35m PPP/PFI deal with the City of Edinburgh Council for the Edinburgh Schools Partnership for the design, construction, financing and operation of 4 schools.{{ref|29}}
 
  
In Glasgow the 3ED consortium, involving the Miller Group construction company, the Halifax bank (now HBoS) and Hewlett Packard computers, will organise construction and retain operational control of the school buildings for the next 29 years. The city council will rent the buildings from 3ED for an annual fee of £40.5 million, an arrangement that is guaranteed to continue for the next 30 years, allowing 3ED to re-coup £1.2bn. This move had been prepared for by the closure of 9 secondary schools in Glasgow, with a population of 30,000 pupils.
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==HBOS investments==
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Unlike the [[Royal Bank of Scotland]], HBoS is less involved in overseas project finance. Though the expansion of [[HBOS Australia]] appears to be a definate corporate strategy of late. Since 2002 the Bank of Scotland consolidated its position as a leader in PPP/PFI type finance, bringing the first such deal to France as a partner in the construction of a new motorway.<ref>HBOS, "[http://web.archive.org/web/20030727180911/http://www.hbosplc.com/media/pressreleases/articles/bos/2002-07-05-02.asp Bank of Scotland Exports UK Lead In PFI/PPP to Europe with Participation in Ground-Breaking €915 Million French Motorway Project]," 05 July 2002, Web Archive 27 July 2003, accessed 13 January 2011.</ref> In 2004 it won a major share in an Australian PFI initiative, another road-building project.<ref>Dey, Iain, "[http://business.scotsman.com/halifaxbankofscotland/HBOS-drives-ahead-with-Australian.2572773.jp HBOS drives ahead with Australian PFI]," 17 October 2004, ''Scotsman'', accessed 13 January 2011.</ref> In 2004 the Bank of Scotland part-funded a £35m PPP/PFI deal with the [[City of Edinburgh Council]] for the [[Edinburgh Schools Partnership]] for the design, construction, financing and operation of 4 schools.<ref>''Scottish Business Insider''.</ref>
  
HBoS finances [[Wood McKenzie]], a Scottish oil and gas consultancy firm also involved in Caspian oil and gas.{{ref|30}}
 
  
In 2002 HBoS financed [[Philip Green]]'s take-over of [[Arcadia]], the retail group which owns high street brands such as Topshop, Miss Selfridge, Dorothy Perkins and Burtons.{{ref|31}} No Sweat UK has reported union repression and low wages in this group. Factories in London's Whitechapel producing goods for Arcadia were found to be paying substantially under the minimum wage, and other UK suppliers claimed that the company paid so little that they could not provide better wages or working conditions. In Bombay in 2002 there were reports of intimidation of union members, including harassment, physical assault and reduced work.{{ref|32}} In 2004, Philip Green wrote himself a cheque for £460 million as a result of profits from Arcadia,{{ref|33}} and the remainder went to HBoS, which holds the other 8% of the company.{{ref|34}}
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In Glasgow the [[3ED consortium]], involving the [[Miller Group]] construction company, the Halifax bank (now HBoS) and [[Hewlett Packard]] computers, will organise construction and retain operational control of the school buildings for the next 29 years. The city council will rent the buildings from 3ED for an annual fee of £40.5 million, an arrangement that is guaranteed to continue for the next 30 years, allowing 3ED to re-coup £1.2bn. This move had been prepared for by the closure of 9 secondary schools in Glasgow, with a population of 30,000 pupils.
  
==HBoS and 'ethical investment'==
 
  
In 2002 HBoS launched asset manager, 'Insight Investors', which later that year started up an 'Investor Responsibility Service' which aimed to make it easier for 'institutional investors to demonstrate a commitment to addressing corporate responsibility issues, without compromising their financial objectives.'{{ref|35}} Rather than limiting the companies in which it invest, Insight Investors favours the 'constructive engagement' approach, hosting conferences and organising meetings. Thus, rather than withdrawing investment from environmentally destructive energy and mining companies,it invites senior managers to seminar about, for example, biodiversity and management of fragile ecosystems.{{ref|36}} The major companies invested in include: BAE Systems, BP, British Airways, Cairn Energy, Cadbury Schweppes, Diageo, Easyjet, GlaxoSmithKline, J Sainsbury's, Marks and Spencer's, Safeway, Scottish and Southern Energy, ScottishPower, Shell, Tesco, Tullow Oil and Unilever.{{ref|37}} The actual benefit of such investment in changing companies' ethical behaviour has yet to be demonstrated.
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HBOS finances [[Wood McKenzie]], a Scottish oil and gas consultancy firm also involved in Caspian oil and gas.<ref>Kievturk, [http://web.archive.org/web/20050214073155/http://kievturk.com/?m=news&page=2&newsid=7 Caspian & Black Sea Oil and Gas Conference 2004 Key Facts], Web Archive 14 February 2005, accessed 13 January 2011.</ref>
  
==HBoS failing its poorer customers==
 
  
The Guardian reported that in November 2004, HBoS began charging up to £1.75 for cash withdrawals from its cash machines. This will hit lower income customers hardest especially those who have to use cash machines to withdraw benefits and pensions. With the closure of so many post offices in recent years, withdrawing benefits from cash machines is becoming more and more common.{{ref|38}}
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In 2002 HBOS financed [[Philip Green]]'s take-over of [[Arcadia]], the retail group which owns high street brands such as Topshop, Miss Selfridge, Dorothy Perkins and Burtons.<ref>Finch, Julia, "[http://www.guardian.co.uk/business/story/0,,1333029,00.html Green gains £460m in Arcadia]," 22 October 2004, ''The Guardian'', accessed 23 March 2005.</ref> No Sweat UK has reported union repression and low wages in this group. Factories in London's Whitechapel producing goods for Arcadia were found to be paying substantially under the minimum wage, and other UK suppliers claimed that the company paid so little that they could not provide better wages or working conditions. In Bombay in 2002 there were reports of intimidation of union members, including harassment, physical assault and reduced work.<ref>No Sweat, "[http://www.nosweat.org.uk/article.php?sid=468 A Partial Victory for Bed and Bath workers]," accessed 16 March 2005.</ref> In 2004, Philip Green wrote himself a cheque for 3460 million as a result of profits from Arcadia,<ref>Finch, Julia, "[http://www.guardian.co.uk/business/story/0,,1333029,00.html Green gains £460m in Arcadia]," 22 October 2004, ''The Guardian'', accessed 23 March 2005.</ref> and the remainder went to HBoS, which holds the other 8% of the company.<ref>Flanagan, Martin, "[http://business.scotsman.com/philipgreen/Philip-Green-pockets-460m-dividend.2573965.jp Philip Green pockets £460m dividend from Arcadia]," 22 October 2004, ''Scotsman'', accessed 13 January 2011.</ref>
  
==HBoS and accounting mismanagement==
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==HBOS and 'ethical investment'==
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In 2002 HBoS launched asset manager, [[Insight Investment]], which later that year started up an 'Investor Responsibility Service' which aimed to make it easier for 'institutional investors to demonstrate a commitment to addressing corporate responsibility issues, without compromising their financial objectives.'<ref>Flanagan, Martin, "[http://business.scotsman.com/philipgreen/Philip-Green-pockets-460m-dividend.2573965.jp Philip Green pockets £460m dividend from Arcadia]," 22 October 2004, ''Scotsman'', accessed 13 January 2011.</ref> Rather than limiting the companies in which it invest, Insight Investors favours the 'constructive engagement' approach, hosting conferences and organising meetings. Thus, rather than withdrawing investment from environmentally destructive energy and mining companies,it invites senior managers to seminar about, for example, biodiversity and management of fragile ecosystems.<ref>BSR, "[http://web.archive.org/web/20051208093826/http://www.csrwire.com/bsr/article.cgi/1422.html Insight Investment launches investor responsibility service]," 23 November 2002, Web Archive 08 December 2005, accessed 13 January 2011.</ref> The major companies invested in include: [[BAE Systems]], [[BP]], [[British Airways]], [[Cairn Energy]], [[Cadbury Schweppes]], [[Diageo]], [[Easyjet]], [[GlaxoSmithKline]], [[J Sainsbury]]'s, [[Marks and Spencer]]'s, [[Safeway]], [[Scottish and Southern Energy]], [[ScottishPower]], [[Shell]], [[Tesco]], [[Tullow Oil]] and [[Unilever]].<ref>Evo Energy, "[http://evoenergy.wordpress.com/2007/03/26/brown-goes-green-to-steal-tory-thunder/ Brown Goes Green to Steal Tory Thunder]," 26 March 2007, accessed 13 January 2011.</ref> The actual benefit of such investment in changing companies' ethical behaviour has yet to be demonstrated.
  
HBoS was fined £1.25 million in January 2004 for failing to protect against money laundering - they conducted an internal survey in 2002 and could not find records of necessary customer identification documents in 55% of cases.{{ref|39}} This is an astonishing statistic, suggesting that although the bank should have scrutinised all their customers’ accounts when money laundering legislation came into force, it did not do so.
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Like many other high profile corporations HBOS has increasingly identified the potential of the 'green movement', as a a key source of growth for their business. In a statement from HBOS, they announced,
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:"Green finance is clearly an area where lenders can play an important part. We plan to launch a green mortgage next year".<ref>HBOS plc, [http://www.wbcsd.ch/web/projects/cement/tf5/biodiversity_consultation_document.pdf Consultation document to accompany Insight’s presentation to the World Parks Congress], 13 September 2003, accessed 13 January 2011.</ref>
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==HBOS failing its poorer customers==
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The Guardian reported that in November 2004, HBoS began charging up to £1.75 for cash withdrawals from its cash machines. This will hit lower income customers hardest especially those who have to use cash machines to withdraw benefits and pensions. With the closure of so many post offices in recent years, withdrawing benefits from cash machines is becoming more and more common.<ref>Insight Investment, [http://www.insightinvestment.com/responsibility/reporting/select_a_company_by_event.asp?1=A&2=A&yr=2003 Insight's engagement and voting 2003], accessed 16 March 2005.</ref>
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==HBOS and accounting mismanagement==
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HBoS was fined £1.25 million in January 2004 for failing to protect against money laundering - they conducted an internal survey in 2002 and could not find records of necessary customer identification documents in 55% of cases.<ref>Inman, Philip, "[http://www.guardian.co.uk/guardian_jobs_and_money/story/0,,1360379,00.html Taxed at the cash machine]," 27 November 2004, ''The Guardian'', accessed 23 March 2005.</ref> This is an astonishing statistic, suggesting that although the bank should have scrutinised all their customers' accounts when money laundering legislation came into force, it did not do so.
  
 
==People==
 
==People==
 
The Chairman of the Board is Dennis Stevenson. In addition there are five executive directors and eight non-executive directors, including Sir Ronald Garrick who is the deputy chairman.
 
The Chairman of the Board is Dennis Stevenson. In addition there are five executive directors and eight non-executive directors, including Sir Ronald Garrick who is the deputy chairman.
 
*[[Dennis Stevenson]]
 
*[[Dennis Stevenson]]
===Executive directors===
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*[[James Crosby]] Born in 1956, James joined Scottish Amicable in 1977 and spent 10 years as a fund manager followed by senior positions in IT, marketing, finance and corporate development. He led the establishment of the joint venture with J Rothschild Assurance (1991) of which he was a Director until 1994. In 1994 he joined Halifax Building Society as Managing Director, Halifax Life and following the acquisition of Clerical Medical in 1996 he became Financial Services and Insurance Director of Halifax plc. On 1 January 1999 James was appointed Chief Executive of Halifax and also became a Director of St. James's Place Capital plc in June 2000. In September 2001, following the merger of Bank of Scotland and Halifax, James became Chief Executive of HBOS plc.  James is a Non-executive director of ITV plc and the Financial Services Authority.  James is a Fellow of the Faculty of Actuaries.
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===Current Executive Directors===
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*[[Andy Hornby]]
 
*[[Phil Hodkinson]]
 
*[[Phil Hodkinson]]
Born in 1958, Phil joined Allied Dunbar in 1984 and became Managing Director before moving to Eagle Star Life as Chief Executive. Phil has run the UK life business of Zurich Financial Services and was the founder of Zurich's UK Enterprise portfolio of new insurance, banking and e-commerce operations. He was appointed Chief Executive of the Insurance & Investment Division of HBOS plc in September 2001, and became Group Finance Director in March 2005. He is Chairperson of the HBOS Foundation, a director of Business in the Community and a Fellow of the Institute of Actuaries.
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*[[Jo Dawson]]
*[[Andy Hornby]]
 
Born in 1967, after graduating from Oxford Andy joined the Boston Consulting Group where he spent three years working on a range of projects, principally in the media and retail sectors. He then went to Harvard, where he obtained his MBA. On his return, Andy joined Blue Circle, where he held a number of senior line management roles. He moved to ASDA in 1996 and held numerous roles including Director of Corporate Development, Retail Managing Director and finally Managing Director of George, ASDA's clothing business. Andy joined Halifax on 1 November 1999 as Chief Executive, Halifax Retail and was appointed to the Board on 18 November 1999. Following the merger of Bank of Scotland and Halifax in September 2001, he became Chief Executive of the Retail Division of HBOS plc.  On 1 July 2005 Andy was appointed Chief Operating Officer. He is also a Non-executive Director of GUS plc.
 
 
*[[Colin Matthew]]
 
*[[Colin Matthew]]
Born in 1950, Colin joined Bank of Scotland in 1966 and in 1991 was appointed Divisional General Manager, UK Banking-England. In 1994 he was appointed to the Bank of Scotland's Management Board as General Manager with responsibility for Bank of Scotland Treasury Services plc. In April 1999, Colin became a member of Bank of Scotland's Group Management Board and was appointed Divisional Chief Executive of Business Banking before being appointed a Director of Bank of Scotland in May 2000. Following the merger of Bank of Scotland and Halifax in September 2001, Colin became Chief Executive of the Business Banking Division of HBOS plc, and as of 1 January 2004, is now Chief Executive of Strategy and International Operations. Colin is a Fellow of The Chartered Institute of Bankers in Scotland.
 
 
*[[Peter Cummings]]
 
*[[Peter Cummings]]
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*[[Benny Higgins]]
  
===Non-Executive Directors===
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===Current Non-Executive Directors===
 
*Sir [[Ronald Garrick]]
 
*Sir [[Ronald Garrick]]
 
*[[Charles Dunstone]]
 
*[[Charles Dunstone]]
Born in 1964, Charles is Chief Executive Officer of The Carphone Warehouse Group PLC, Europe's largest independent retailer of mobile communications equipment, which he founded in 1989. In February 2000 he was appointed as a Non-executive Director of Halifax and following the merger of Bank of Scotland and Halifax in September 2001, Charles was appointed as a Non-executive Director of HBOS plc.
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*[[Tony Hobson]]
Tony Hobson   Anthony (Tony) Hobson
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*[[Brian Ivory]]
Born in 1947, Tony is Chairman of Northern Foods plc and a Non-executive Director of Glas Cymru Cyfyngedig and Jardine Lloyd Thompson Group plc. A Chartered Accountant, he was Group Finance Director of Legal & General Group plc for fourteen years, retiring in February 2001. He was the Senior Independent Director of Thames Water plc. Tony joined the board of Halifax in May 2001 and, following the merger of Bank of Scotland and Halifax in September 2001, he was appointed a Non-executive Director of HBOS plc and is also Chairman of the Audit Committee.
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*[[Coline McConville]]
Brian Ivory   Brian Ivory
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*[[Kate Nealon]]
Born in 1949, Brian was formerly Chairman of Highland Distillers plc, having been a Director since 1978. In 1988 he was appointed Managing Director of Highland Distillers and was Group Chief Executive from 1994 to 1997. He was also Chairman of Macallan-Glenlivet plc from 1996 to 1999 and Treasurer of the Scotch Whisky Association. Brian is Chairman of The Scottish American Investment Company PLC and a Director of Remy Cointreau S.A. and is also Chairman of the National Galleries of Scotland. In February 1998, Brian was appointed a Non-executive Director of Bank of Scotland and following the merger of Bank of Scotland and Halifax in September 2001, he was appointed a Non-executive Director of HBOS plc. Brian is Chairman of the Remuneration Committee. Brian is a Fellow of the Royal Society of Arts and the Royal Society of Edinburgh. He is also a Freeman of the City of London and a Companion of the Institute of Management and used to serve as a member of the Scottish Economic Council.
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*[[David Shearer]]
Coline McConville  
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*[[Karen Jones]]
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*[[Richard Cousins]]
  
Coline McConville
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===Past Board Members===
Born in 1964, Coline is the Chief Executive Officer, Europe of Clear Channel International Limited. She was previously with McKinsey & Co. Limited Management Consultants and The L E K Partnership, the German based Management Consultant. She started her career working for the Australian Consolidated Press in Sydney, Australia. Coline was appointed to the Board of Halifax in February 2000 and in September 2001, following the merger of Bank of Scotland and Halifax, she was appointed a Non-executive Director of HBOS plc.
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*[[James Crosby]] (former Executive Director)
Kate Nealon Kate Nealon
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*[[Bruce Pattullo]] (former Governor of the Bank of Scotland)
Born in 1953. Until the end of last year, Kate was Group Head of Legal and Compliance for Standard Chartered Plc. She joined Standard Chartered in 1992. Kate is a US qualified lawyer who prior to joining Standard Chartered practised international banking law in New York for many years, most recently as a partner at the California based firm of Morrison and Foerster. Kate is a Non-executive Director of Cable & Wireless, a Non-executive Director of the Independent Regulator of the NHS Trust Hospitals and a Senior Associate of the Judge Institute of Management, Cambridge University.  She has spoken and written extensively on Corporate Governance and Business Ethics. Kate was appointed a Non-executive Director of HBOS plc with effect from 23 March 2004.
 
David Shearer David Shearer
 
Born in 1959. Until 31 December 2003, David was Senior Partner of Deloitte & Touche in Scotland & Northern Ireland, and until September 2003, a UK Board member. David was previously Director of Global Corporate Finance for Deloitte Touche Tohmatsu. David is Governor and Non-executive Director of the Glasgow School of Art.  He is a Chartered Accountant and currently a member of the advisory panel to Martin Currie in respect of its developing Private Equity business. David was appointed a Non-executive Director of HBOS plc with effect from 23 March 2004.
 
   
 
 
  
Karen Jones
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===Executive Committee===
Born in 1956, Karen has a strong track record of growing and managing businesses. She was previously chief executive of Spirit Group, a 2,000-strong pub and restaurant business. Spirit Group was built up from the successful acquisition of Allied Domecq in 1999 and the more recent acquisition of Scottish & Newcastle Retail in November 2003. Previously, Karen founded and developed both Cafe Rouge and the Pelican Group. Karen was appointed a Non-executive Director of HBOS plc with effect from 24 January 2006.
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The [[HBOS Executive Committee]] is the senior executive team of the HBOS Group.
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The six executive directors along with [[Harry Baines]] and [[Dan Watkins]] make up the Executive Committee.
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===Spinners and lobbyists===
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HBOS relies less on external public affairs/lobbying organisations than many of its peers, however this may be due in part to the award winning <ref>Tomlinson, Heather, "[http://www.guardian.co.uk/money/2004/jan/16/business.accounts HBOS flouted dirty money rules]," 16 January 2004, ''The Guardian'', accessed 13 January 2011.</ref> in-house team of specialists they have brought in to lobby and campiagn on the corporations behalf.
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*[[Shane O'Riordain]], General Manager, Group Communications, Vizard's boss.
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*[[Duncan Cantor]]
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*[[Phil Hodkinson]], Corporate Responsibility Forum
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*[[Liza Vizard]]
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*[[Karl Snowden]]
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===Large and Highprofile Shareholders===
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Former employee [[Stewart Stevenson]], currently [[Member of Scottish Parliament]] for Banff and Buchan has declared an interest in HBoS on the Register of Member's Interests - retaining HBoS ordinary stock of nominal value £10,250 (market value, approximately £410,000). He has has other declared shareholdings, in [[Scottish Power]] and [[Scottish & Southern Electricity]]<ref>CIPR, [http://www.cipr.co.uk/prideawards/scotland/2005/pastwinners.asp Chartered Institute of Public Relations 2005/06 PRide Awards Winners], accessed 12 April 2007.</ref>.
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Other substantial shareholdings are held by [[Legal & General Group]] Plc 4.02%, [[Barclays]] 3.97% and [[Capital Group Companies]] Inc 3.79%.<ref>Scottish Parliament, [http://www.scottish.parliament.uk/msp/index.htm Scottish Parliament Register of MSPs Interests], accessed 20 April 2007.</ref>
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==Controversies==
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In 2006 the Christmas savings hamper company [[Farepak]], owned by [[European Home retail]] collapsed because it could no longer meet its commitments to make deliveries to its customers. Halifax Bank of Scotland had provided an overdraft facility to European Home Retail, and the decision not to extend the overdraft eventually led to administrators being called in. The Bank had come into criticism after more than 150,000 customers, mainly on low incomes, lost an average of £400 each, although some lost closer to £2,000 because it had rejected a number of options that may have enabled Farepak to continue trading.<ref>The Stock Exchange Yearbook 2007.</ref>
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After receiving much negative media attention, HBOS responded to the criticism over its role in the Farepak collapse by giving £2m to the Family Fund,  a Yorkshire-based charity administering the Farepak Response Fund, set up to help victims of collapsed firm.<ref>BBC News, "[http://news.bbc.co.uk/2/hi/business/6142218.stm Farepak boss 'sorry' for collapse]," 13 November 2006, accessed 13 January 2011.</ref>
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Though in December 2006 [[HBOS]] launched an attack on customers of the failed Christmas club, claiming that a lack of gratitude may have deterred donations to a charity fund.<ref>Levene, Tony, "[http://www.guardian.co.uk/business/2006/nov/09/money HBOS gives to Farepak charity after criticism], 09 November 2006, accessed 13 January 2011.</ref>
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In a recent, but equally controversial move, HBoS have announced their intention to set up their own Christmas Savings Account aimed at low income families. A deposit of £5 is required to open the new account with a minimum of £5 a month thereafter, to a maximum of £100 a month. They will be able to take their savings in cash or vouchers.<ref>Womack, Stephen, "Farepak bank: be far more grateful," ''Financial Mail on Sunday'', 17 December 2006.</ref>
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===Revolving Door===
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:*Sir [[James Crosby]], Deputy Chairman of the Financial Services Authority from 2004-2009, was CEO of Halifax plc from 1999 to 2001 and HBOS plc from 2001 to 2006.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U151387 CROSBY, Sir James (Robert)], online edition, Oxford University Press, accessed 26 March 2009.</ref>
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:*[[Peter Gummer]], Lord Chadlington of Dean, was a Non-executive director of Halifax Building Society and then Halifax plc from 1994 to 2001.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U10522 CHADLINGTON], online edition, Oxford University Press, accessed 26 March 2009.</ref>
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:*[[Mike Robinson]], Chief Executive of the United Kingdom Hydrographic Office, the Government Trading Fund and part of the Ministry of Defence, was Chief Executive of HBOS European Financial Services plc from 2005 to 2006.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U246039 ROBINSON, Michael Stuart], online edition, Oxford University Press, accessed 26 March 2009.</ref>
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:*U.K. Life Peer [[George Simpson]], Lord Simpson of Dunkeld, was a Non-Executive Director of Bank of Scotland from 2000 to 2001.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U34916 SIMPSON OF DUNKELD], online edition, Oxford University Press, accessed 26 March 2009.</ref>
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:*Bank of Scotland employee [[Robert Smeaton]] was seconded to the Department for Trade and Industry from 1996 to 2001 to work as an Export Promoter.<ref>CFOI, [http://www.cfoi.org.uk/secondeesdti.html Individuals on Secondment to the Department of Trade & Industry], accessed 30 January 2011.</ref>
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:*U.K. Life Peer [[Dennis Stevenson]], Lord Stevenson of Coddenham, was a Non-executive director of Halifax plc from 1999 and Chairmain of HBOS Plc from 2001.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U36198 STEVENSON OF CODDENHAM], online edition, Oxford University Press, accessed 26 March 2009.</ref>
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==Funding==
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HBOS is a member and funder of a number of external organisations and bodies. The charitable work of HBOS is carried out predominately through the [[HBOS Foundation]].<ref>Tinning, William, "[http://www.heraldscotland.com/hbos-offers-christmas-savings-account-for-low-income-families-1.855097 HBOS offers Christmas savings account for low-income families],"28 March 2007, ''The Herald'', accessed 13 January 2011.</ref>
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==Affiliations==
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HBOS is affiliated and involved with a number of other organisations including [[Forum for the Future]], the [[Hansard Society]] and [[Scottish Financial Enterprise]] (sometimes referred to as the [[Scottish Financial Network]]).  HBOS are members of the [[European Sponsorship Association]].
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==Lobbying firms==
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===Former lobbying firms===
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*[[Fleishman-Hillard]]<ref> [http://www.appc.org.uk/wp-content/uploads/appc_register_1_september_2008_to_30_november_2008_update_170209.pdf Register Entry for 1 September 2008 to 30 November 2008] ''APPC'', accessed 28 January 2015 </ref>
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{{Template: Revolving Door badge}}
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==Resources==
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*BBC News, "[http://news.bbc.co.uk/2/hi/business/6142218.stm Farepak boss 'sorry' for collapse]," 13 November 2006, accessed 13 January 2011
 +
*BBC News Sport, "[http://news.bbc.co.uk/sport1/hi/football/scot_prem/4835062.stm, Bank to end its SPL sponsorship]," 22 March 2006, accessed 13 January 2011.
 +
*BSR, "[http://web.archive.org/web/20051208093826/http://www.csrwire.com/bsr/article.cgi/1422.html Insight Investment launches investor responsibility service]," 23 November 2002, Web Archive 08 December 2005, accessed 13 January 2011.
 +
*CFOI, [http://www.cfoi.org.uk/secondeesdti.html Individuals on Secondment to the Department of Trade & Industry], accessed 30 January 2011.
 +
*CIPR, [http://www.cipr.co.uk/prideawards/scotland/2005/pastwinners.asp Chartered Institute of Public Relations 2005/06 PRide Awards Winners], accessed 12 April 2007.
 +
*Dey, Iain, "[http://business.scotsman.com/halifaxbankofscotland/HBOS-drives-ahead-with-Australian.2572773.jp HBOS drives ahead with Australian PFI]," 17 October 2004, ''Scotsman'', accessed 13 January 2011.
 +
*Evo Energy, "[http://evoenergy.wordpress.com/2007/03/26/brown-goes-green-to-steal-tory-thunder/ Brown Goes Green to Steal Tory Thunder]," 26 March 2007, accessed 13 January 2011.
 +
*Fame Company Information Database, (not available online) accessed 19 April 2007.
 +
*Finch, Julia, "[http://www.guardian.co.uk/business/story/0,,1333029,00.html Green gains £460m in Arcadia]," 22 October 2004, ''The Guardian'', accessed 23 March 2005.
 +
*Flanagan, Martin, "[http://business.scotsman.com/philipgreen/Philip-Green-pockets-460m-dividend.2573965.jp Philip Green pockets £460m dividend from Arcadia]," 22 October 2004, ''Scotsman'', accessed 13 January 2011.
 +
*Fraser, Ian, "[http://findarticles.com/p/articles/mi_qn4156/is_20041128/ai_n12592404/ HBOS cultivates Down Under for growth; Having scrapped plans to]," 28 November 2004, ''Sunday Herald'', accessed 13 January 2011.
 +
*HBOS, [http://www.hbosplc.com/abouthbos/home.asp About HBoS], accessed 01 February 2007.
 +
*HBOS, "[http://web.archive.org/web/20030727180911/http://www.hbosplc.com/media/pressreleases/articles/bos/2002-07-05-02.asp Bank of Scotland Exports UK Lead In PFI/PPP to Europe with Participation in Ground-Breaking €915 Million French Motorway Project]," 05 July 2002, Web Archive 27 July 2003, accessed 13 January 2011.
 +
*HBOS plc, [http://www.wbcsd.ch/web/projects/cement/tf5/biodiversity_consultation_document.pdf Consultation document to accompany Insight’s presentation to the World Parks Congress], 13 September 2003, accessed 13 January 2011.
 +
*Inman, Philip, "[http://www.guardian.co.uk/guardian_jobs_and_money/story/0,,1360379,00.html Taxed at the cash machine]," 27 November 2004, ''The Guardian'', accessed 23 March 2005.
 +
*Insight Investment, [http://www.insightinvestment.com/responsibility/reporting/select_a_company_by_event.asp?1=A&2=A&yr=2003 Insight's engagement and voting 2003], accessed 16 March 2005.
 +
*Kievturk, [http://web.archive.org/web/20050214073155/http://kievturk.com/?m=news&page=2&newsid=7 Caspian & Black Sea Oil and Gas Conference 2004 Key Facts], Web Archive 14 February 2005, accessed 13 January 2011.
 +
*Levene, Tony, "[http://www.guardian.co.uk/business/2006/nov/09/money HBOS gives to Farepak charity after criticism], 09 November 2006, accessed 13 January 2011.
 +
*Living Book Project, [http://www.livingbook.co.uk/funding.htm Living Book Website], accessed 21 February 2007.
 +
*No Sweat, "[http://www.nosweat.org.uk/article.php?sid=468 A Partial Victory for Bed and Bath workers]," accessed 16 March 2005.
 +
*''Scottish Business Insider''.
 +
*Scottish Enterprise, [http://www.scottish-enterprise.com/sedotcom_home/services_to_business_international/lis/about-scotland/about_scotland-keyfacts.htm About Scotland Keyfacts], accessed 31 January 2007.
 +
*Scottish Parliament, [http://www.scottish.parliament.uk/msp/index.htm Scottish Parliament Register of MSPs Interests], accessed 20 April 2007.
 +
*The Stock Exchange Yearbook 2007.
 +
*Tinning, William, "[http://www.heraldscotland.com/hbos-offers-christmas-savings-account-for-low-income-families-1.855097 HBOS offers Christmas savings account for low-income families],"28 March 2007, ''The Herald'', accessed 13 January 2011.
 +
*Tomlinson, Heather, "[http://www.guardian.co.uk/money/2004/jan/16/business.accounts HBOS flouted dirty money rules]," 16 January 2004, ''The Guardian'', accessed 13 January 2011.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U10522 CHADLINGTON], online edition, Oxford University Press, accessed 26 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U151387 CROSBY, Sir James (Robert)], online edition, Oxford University Press, accessed 26 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U246039 ROBINSON, Michael Stuart], online edition, Oxford University Press, accessed 26 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U34916 SIMPSON OF DUNKELD], online edition, Oxford University Press, accessed 26 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U36198 STEVENSON OF CODDENHAM], online edition, Oxford University Press, accessed 26 March 2009.
 +
*Womack, Stephen, "Farepak bank: be far more grateful," ''Financial Mail on Sunday'', 17 December 2006.
  
 
==Notes==
 
==Notes==
 
+
<references/>
# {{note|25}} Scottish Enterprise website http://www.scottish-enterprise.com/sedotcom_home/services_to_business_international/lis/about-scotland/about_scotland-keyfacts.htm last viewed 31.3.05
+
[[Category:Banking and Finance Industry]]
# {{note|26}} 'HBoS cultivates down under for growth' Sunday Herald 28 November 2004
+
[[Category:Financial Revolving Door]]
# {{note|27}}'Bank of Scotland Exports UK lead in PFI/PPP to Europe,' 05.07.02 www.hbosplc.com/media/pressreleases/articles/bos/2002-07-05-02.asp. Last viewed 16.3.05
 
# {{note|28}}Iain Dey, 'HBOS drives ahead with Australian PFI' 17/10/04 The Scotsman http://business.scotsman.com/topics.cfm?tid=497&id=1206572004
 
# {{note|29}}Scottish Business Insider
 
# {{note|30}}'Caspian & Black Sea Oil and Gas Conference 2004 Key Facts' http://www.kievturk.com/?m=news&page=2&newsid=7. Last viewed 16.3.05
 
# {{note|31}}Julia Finch, 'Green gains £460m in Arcadia,' The Guardian 22.10.04
 
http://www.guardian.co.uk/business/story/0,,1333029,00.html Last viewed 23.03.05
 
# {{note|32}}'A Partial Victory for Bed and Bath workers,' www.nosweat.org.uk/article.php?sid=468. Last viewed 16.3.05
 
# {{note|33}}Julia Finch, 'Green gains £460m in Arcadia,' The Guardian 22.10.04
 
www.guardian.co.uk/business/story/0,,1333029,00.html Last viewed 23.03.05
 
# {{note|34}}Philip Green pockets £460m dividend from Arcadia http://business.scotsman.com/topics.cfm?tid=368
 
# {{note|35}}'Insight Investment launches investor responsibility service,' 23.11.02 www.csrwire.com/bsr/article.cgi/1422.html Last viewed 23.03.05
 
# {{note|36}}Insight Investment, 'Biodiversity: towards best practice for extractive and utility companies' 13.11.03 http://www.wbcsd.ch/web/projects/cement/tf5/biodiversity_consultation_document.pdf last viewed 23.03.05
 
# {{note|37}}'Insight's engagement and voting 2003' www.insightinvestment.com/responsibility/reporting/
 
select_a_company_by_event.asp?1=A&2=A&yr=2003. Last viewed 16.3.05
 
# {{note|38}}Philip Inman, 'Taxed at the cash machine' Philip Inman, The Guardian 27.11.04 www.guardian.co.uk/guardian_jobs_and_money/story/0,,1360379,00.html last viewed 23.03.05
 
# {{note|39}}Heather Tomlinson, 'HBOS flouted dirty money rules' 16/1/04 The Guardian
 
http://money.guardian.co.uk/saving/banks/story/0,12410,1124473,00.html
 

Latest revision as of 14:26, 28 January 2015

HBOS Head Office

HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009. It is the holding company for Bank of Scotland plc, which operates the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.

Formed originally from a merger of the Halifax Building Society and Bank of Scotland in 2001, and headquartered in Edinburgh, with 22 million customers and assets of over £540 billion in 2007,[1] HBOS at that point ranked third in the list of Scotland's top 500 companies and was the seventh largest bank in Europe.[2] The company employed around 72,000 staff globally and reported a net income in 2006 of £3939 million.[3]

HBOS is one of the largest commercial sponsors of sport and the arts in Scotland, to the tune of £19.5 million in 2003, and is best known for its sponsorship of the Scottish Premier League. However this was due to expire at the end of the current 9-year deal in 2007.[4]

Subsidiaries

There are four main subsidiaries at HBOS: Halifax Plc, The Governor & Company of the Bank of Scotland, HBOS Australia and HBOS Insurance & Investment Group. Australia features highly in the companies expansion plans [1]. HBOS lists 594 active companies that they retain a business interests in,[5] some of the more well known subsidiaries include: Bank of Western Australia Ltd, BankWest, Capital Finance and St Andrews Insurance; and UK companies Clerical Medical, Birmingham Midshires, Capital Bank, Godfrey Davis, Lex Vehicle Leasing, Hill Hire Plc, Sainsbury's Bank, BM Solutions; The Mortgage Business; Rightmove; First Alternative; Esure; Employee Share Services; Mentor Professional Services; St Andrews Group, St James's Place Bank, St James's Place Group (formerly known as St James's Place Capital Plc), and of course Banco Halifax Hispania, Bank of Scotland (Ireland) and Bank of Scotland (The Netherlands).


HBOS investments

Unlike the Royal Bank of Scotland, HBoS is less involved in overseas project finance. Though the expansion of HBOS Australia appears to be a definate corporate strategy of late. Since 2002 the Bank of Scotland consolidated its position as a leader in PPP/PFI type finance, bringing the first such deal to France as a partner in the construction of a new motorway.[6] In 2004 it won a major share in an Australian PFI initiative, another road-building project.[7] In 2004 the Bank of Scotland part-funded a £35m PPP/PFI deal with the City of Edinburgh Council for the Edinburgh Schools Partnership for the design, construction, financing and operation of 4 schools.[8]


In Glasgow the 3ED consortium, involving the Miller Group construction company, the Halifax bank (now HBoS) and Hewlett Packard computers, will organise construction and retain operational control of the school buildings for the next 29 years. The city council will rent the buildings from 3ED for an annual fee of £40.5 million, an arrangement that is guaranteed to continue for the next 30 years, allowing 3ED to re-coup £1.2bn. This move had been prepared for by the closure of 9 secondary schools in Glasgow, with a population of 30,000 pupils.


HBOS finances Wood McKenzie, a Scottish oil and gas consultancy firm also involved in Caspian oil and gas.[9]


In 2002 HBOS financed Philip Green's take-over of Arcadia, the retail group which owns high street brands such as Topshop, Miss Selfridge, Dorothy Perkins and Burtons.[10] No Sweat UK has reported union repression and low wages in this group. Factories in London's Whitechapel producing goods for Arcadia were found to be paying substantially under the minimum wage, and other UK suppliers claimed that the company paid so little that they could not provide better wages or working conditions. In Bombay in 2002 there were reports of intimidation of union members, including harassment, physical assault and reduced work.[11] In 2004, Philip Green wrote himself a cheque for 3460 million as a result of profits from Arcadia,[12] and the remainder went to HBoS, which holds the other 8% of the company.[13]

HBOS and 'ethical investment'

In 2002 HBoS launched asset manager, Insight Investment, which later that year started up an 'Investor Responsibility Service' which aimed to make it easier for 'institutional investors to demonstrate a commitment to addressing corporate responsibility issues, without compromising their financial objectives.'[14] Rather than limiting the companies in which it invest, Insight Investors favours the 'constructive engagement' approach, hosting conferences and organising meetings. Thus, rather than withdrawing investment from environmentally destructive energy and mining companies,it invites senior managers to seminar about, for example, biodiversity and management of fragile ecosystems.[15] The major companies invested in include: BAE Systems, BP, British Airways, Cairn Energy, Cadbury Schweppes, Diageo, Easyjet, GlaxoSmithKline, J Sainsbury's, Marks and Spencer's, Safeway, Scottish and Southern Energy, ScottishPower, Shell, Tesco, Tullow Oil and Unilever.[16] The actual benefit of such investment in changing companies' ethical behaviour has yet to be demonstrated.

Like many other high profile corporations HBOS has increasingly identified the potential of the 'green movement', as a a key source of growth for their business. In a statement from HBOS, they announced,

"Green finance is clearly an area where lenders can play an important part. We plan to launch a green mortgage next year".[17]

HBOS failing its poorer customers

The Guardian reported that in November 2004, HBoS began charging up to £1.75 for cash withdrawals from its cash machines. This will hit lower income customers hardest especially those who have to use cash machines to withdraw benefits and pensions. With the closure of so many post offices in recent years, withdrawing benefits from cash machines is becoming more and more common.[18]

HBOS and accounting mismanagement

HBoS was fined £1.25 million in January 2004 for failing to protect against money laundering - they conducted an internal survey in 2002 and could not find records of necessary customer identification documents in 55% of cases.[19] This is an astonishing statistic, suggesting that although the bank should have scrutinised all their customers' accounts when money laundering legislation came into force, it did not do so.

People

The Chairman of the Board is Dennis Stevenson. In addition there are five executive directors and eight non-executive directors, including Sir Ronald Garrick who is the deputy chairman.

Current Executive Directors

Current Non-Executive Directors

Past Board Members

Executive Committee

The HBOS Executive Committee is the senior executive team of the HBOS Group.

The six executive directors along with Harry Baines and Dan Watkins make up the Executive Committee.

Spinners and lobbyists

HBOS relies less on external public affairs/lobbying organisations than many of its peers, however this may be due in part to the award winning [20] in-house team of specialists they have brought in to lobby and campiagn on the corporations behalf.

Large and Highprofile Shareholders

Former employee Stewart Stevenson, currently Member of Scottish Parliament for Banff and Buchan has declared an interest in HBoS on the Register of Member's Interests - retaining HBoS ordinary stock of nominal value £10,250 (market value, approximately £410,000). He has has other declared shareholdings, in Scottish Power and Scottish & Southern Electricity[21].

Other substantial shareholdings are held by Legal & General Group Plc 4.02%, Barclays 3.97% and Capital Group Companies Inc 3.79%.[22]

Controversies

In 2006 the Christmas savings hamper company Farepak, owned by European Home retail collapsed because it could no longer meet its commitments to make deliveries to its customers. Halifax Bank of Scotland had provided an overdraft facility to European Home Retail, and the decision not to extend the overdraft eventually led to administrators being called in. The Bank had come into criticism after more than 150,000 customers, mainly on low incomes, lost an average of £400 each, although some lost closer to £2,000 because it had rejected a number of options that may have enabled Farepak to continue trading.[23]

After receiving much negative media attention, HBOS responded to the criticism over its role in the Farepak collapse by giving £2m to the Family Fund, a Yorkshire-based charity administering the Farepak Response Fund, set up to help victims of collapsed firm.[24]

Though in December 2006 HBOS launched an attack on customers of the failed Christmas club, claiming that a lack of gratitude may have deterred donations to a charity fund.[25]

In a recent, but equally controversial move, HBoS have announced their intention to set up their own Christmas Savings Account aimed at low income families. A deposit of £5 is required to open the new account with a minimum of £5 a month thereafter, to a maximum of £100 a month. They will be able to take their savings in cash or vouchers.[26]

Revolving Door

  • Sir James Crosby, Deputy Chairman of the Financial Services Authority from 2004-2009, was CEO of Halifax plc from 1999 to 2001 and HBOS plc from 2001 to 2006.[27]
  • Peter Gummer, Lord Chadlington of Dean, was a Non-executive director of Halifax Building Society and then Halifax plc from 1994 to 2001.[28]
  • Mike Robinson, Chief Executive of the United Kingdom Hydrographic Office, the Government Trading Fund and part of the Ministry of Defence, was Chief Executive of HBOS European Financial Services plc from 2005 to 2006.[29]
  • U.K. Life Peer George Simpson, Lord Simpson of Dunkeld, was a Non-Executive Director of Bank of Scotland from 2000 to 2001.[30]
  • Bank of Scotland employee Robert Smeaton was seconded to the Department for Trade and Industry from 1996 to 2001 to work as an Export Promoter.[31]
  • U.K. Life Peer Dennis Stevenson, Lord Stevenson of Coddenham, was a Non-executive director of Halifax plc from 1999 and Chairmain of HBOS Plc from 2001.[32]

Funding

HBOS is a member and funder of a number of external organisations and bodies. The charitable work of HBOS is carried out predominately through the HBOS Foundation.[33]

Affiliations

HBOS is affiliated and involved with a number of other organisations including Forum for the Future, the Hansard Society and Scottish Financial Enterprise (sometimes referred to as the Scottish Financial Network). HBOS are members of the European Sponsorship Association.

Lobbying firms

Former lobbying firms

Revolving Door.jpg This article is part of the Revolving Door project of Spinwatch.



Resources

Notes

  1. HBOS, About HBoS, accessed 01 February 2007.
  2. Scottish Enterprise, About Scotland Keyfacts, accessed 31 January 2007.
  3. Fame Company Information Database, (not available online) accessed 19 April 2007.
  4. BBC News Sport, "Bank to end its SPL sponsorship," 22 March 2006, accessed 13 January 2011.
  5. Fraser, Ian, "HBOS cultivates Down Under for growth; Having scrapped plans to," 28 November 2004, Sunday Herald, accessed 13 January 2011.
  6. HBOS, "Bank of Scotland Exports UK Lead In PFI/PPP to Europe with Participation in Ground-Breaking €915 Million French Motorway Project," 05 July 2002, Web Archive 27 July 2003, accessed 13 January 2011.
  7. Dey, Iain, "HBOS drives ahead with Australian PFI," 17 October 2004, Scotsman, accessed 13 January 2011.
  8. Scottish Business Insider.
  9. Kievturk, Caspian & Black Sea Oil and Gas Conference 2004 Key Facts, Web Archive 14 February 2005, accessed 13 January 2011.
  10. Finch, Julia, "Green gains £460m in Arcadia," 22 October 2004, The Guardian, accessed 23 March 2005.
  11. No Sweat, "A Partial Victory for Bed and Bath workers," accessed 16 March 2005.
  12. Finch, Julia, "Green gains £460m in Arcadia," 22 October 2004, The Guardian, accessed 23 March 2005.
  13. Flanagan, Martin, "Philip Green pockets £460m dividend from Arcadia," 22 October 2004, Scotsman, accessed 13 January 2011.
  14. Flanagan, Martin, "Philip Green pockets £460m dividend from Arcadia," 22 October 2004, Scotsman, accessed 13 January 2011.
  15. BSR, "Insight Investment launches investor responsibility service," 23 November 2002, Web Archive 08 December 2005, accessed 13 January 2011.
  16. Evo Energy, "Brown Goes Green to Steal Tory Thunder," 26 March 2007, accessed 13 January 2011.
  17. HBOS plc, Consultation document to accompany Insight’s presentation to the World Parks Congress, 13 September 2003, accessed 13 January 2011.
  18. Insight Investment, Insight's engagement and voting 2003, accessed 16 March 2005.
  19. Inman, Philip, "Taxed at the cash machine," 27 November 2004, The Guardian, accessed 23 March 2005.
  20. Tomlinson, Heather, "HBOS flouted dirty money rules," 16 January 2004, The Guardian, accessed 13 January 2011.
  21. CIPR, Chartered Institute of Public Relations 2005/06 PRide Awards Winners, accessed 12 April 2007.
  22. Scottish Parliament, Scottish Parliament Register of MSPs Interests, accessed 20 April 2007.
  23. The Stock Exchange Yearbook 2007.
  24. BBC News, "Farepak boss 'sorry' for collapse," 13 November 2006, accessed 13 January 2011.
  25. Levene, Tony, "HBOS gives to Farepak charity after criticism, 09 November 2006, accessed 13 January 2011.
  26. Womack, Stephen, "Farepak bank: be far more grateful," Financial Mail on Sunday, 17 December 2006.
  27. Who's Who 2009, CROSBY, Sir James (Robert), online edition, Oxford University Press, accessed 26 March 2009.
  28. Who's Who 2009, CHADLINGTON, online edition, Oxford University Press, accessed 26 March 2009.
  29. Who's Who 2009, ROBINSON, Michael Stuart, online edition, Oxford University Press, accessed 26 March 2009.
  30. Who's Who 2009, SIMPSON OF DUNKELD, online edition, Oxford University Press, accessed 26 March 2009.
  31. CFOI, Individuals on Secondment to the Department of Trade & Industry, accessed 30 January 2011.
  32. Who's Who 2009, STEVENSON OF CODDENHAM, online edition, Oxford University Press, accessed 26 March 2009.
  33. Tinning, William, "HBOS offers Christmas savings account for low-income families,"28 March 2007, The Herald, accessed 13 January 2011.
  34. Register Entry for 1 September 2008 to 30 November 2008 APPC, accessed 28 January 2015