Banking & finance

Remnant, James, (Lord) National Life Stories: City Lives (16 of 26) National Life Stories: City Lives

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  • Recording date

    1993-16-12, 1994-08-02, 1994-02-03, 1994-22-03, 1994-14-04, 1994-24-05, 1994-01-06

  • Is part of (Collection)

    City Lives

  • Recording locations

    National Provident Institution offices, London

  • Interviewees

    Remnant, James, (Lord), 1930-, (speaker, male)

  • Interviewers

    Courtney, Cathy, 1954- (speaker, female)

  • Abstract

    Part 16 (tape 8 Side B): ANZ Bank cont. Geoffrey Gibbs. Martin Jacomb also on board of ANZ. JR last Englishman to leave ANZ board, much travel to Australia, physically demanding. JR's salary from ANZ direct to him when he was a partner in Touche Ross, ended 1970 after which salary paid into Touche Remnant and JR would get a proportion of it. Pension increased as result of work outside Touche Remnant. Multiple responsibilities as a director gives series of different loyalties, explanation. Remuneration passed through Touche Remnant to maximise values, could have been paid direct by ANZ. If asked what he does, replied that he is a chartered accountant/a City financial man.Touche Remnant's move to Winchester House in 1974, firm began to expand, moved into pension fund business, formalised board meetings began - reason why. JR and George Haig became joint managing directors. Head-hunter used to find successor to George Haig in 1980s referred to Touche Remnant operating under `gaffer system'. Standard Trust received bid from British Rail Pension Fund, Touche Remnant used Schroders to advise them; meeting with Prudential (senior person at Pru was Anthony Touche's brother-in-law and therefore not involved in this transaction). Prudential had holding in investment trust (British Steel now major shareholder of investment trust - policy of large companies has changed). Pru paid 10% more for Standard than BRPF would have done, reason why. JR's loyalties to shareholders of Standard Trust. White Knight. Changes in Touche Remnant over 15 years - moved from managing £200 million to £4½ billion. Disadvantage of firm carrying Remnant name meant JR had to take lead, details. Joint venture with Bank of Tokyo, JR's role crucial.

  • Description

    Interview with James Wogan Remnant, 3rd Baron Remnant, Director of the Bank of Scotland (1989–1996).

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