WR: It is a pretty rare challenge, but one that has grown in prevalence with the Ring Fence Banking regulations. Part of it was operational; we had to do everything twice. But while we might start with the same agenda, we’d then have conversations with the chair’s and one of them might want to go down a slightly different route.
As we went through each cycle, we’d start preparing the papers slightly differently. We had different levels and types of engagement from the stakeholder population, so you were working at slightly different paces, albeit to the same timeline.
Another example would be the LTIPs, The LV= GI remco was still part of the LV= group, so we were still running to the group policies. The same LTIP construct was used but they would have separate and differing performance measures, appropriate to each part of the business.
While it looked the same on paper, it was effectively two passages of work. That was the challenge, making sure you were having the right conversations with the right people…at the right stage of the process.
It helped that the chairman of both groups was sitting on the Remco, and one of the NEDs was sitting on one and chairing the other. They were in the room for both meetings, as was I, so between us we were able to keep a bit of continuity as well as the appropriate Chinese walls.