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  • 1
    Electronic Resource
    Electronic Resource
    Internal and External Governance Mechanisms: evidence from the UK insurance industry (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Corporate governance 7 (1999), S. 0 
    Details
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This paper examines the relationship between internal and external governance mechanisms employed by UK insurance companies. The different external control mechanisms available to owners in mutual and proprietary companies suggests that different internal governance mechanisms may be employed to monitor managers. Data for the study has been obtained from a detailed questionnaire survey of UK insurance companies. We find a higher proportion of non-executive directors and a greater likelihood of separating the roles of company chairman and CEO in insurance companies compared to similar studies of UK quoted companies. Even though the proportion of non-executive directors does not differ significantly between mutual and proprietary insurers, the proportion of non-executives who are former executives is greater in the case of proprietary companies. This suggests that mutual companies are more likely to employ non-executives for monitoring while proprietary companies place more importance on retaining the business expertise of former executives. We find that UK insurance companies have utilised remuneration and audit committees since the mid 1980s. We also find that remuneration committees in mutual companies possess a greater proportion of non-executive directors than remuneration committees in proprietary companies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-8683.00166
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  • 2
    Electronic Resource
    Electronic Resource
    Board Composition and Performance in Life Insurance Companies (2003)
    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    British journal of management 14 (2003), S. 0 
    Details
    ISSN: 1467-8551
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The past decade has witnessed a renewed emphasis on the quality of board governance worldwide. In the wake of a series of governance reports, particular interest has focused on the role and effectiveness of non-executive board members. This study seeks to add to our understanding of the governance role of non-executive directors by examining the use and usefulness of non-executives in insurance companies. The focus on the insurance industry, which includes both proprietary (stock) and mutual companies, allows us to examine the importance of board governance in the context of different ownership structures. Furthermore, by focusing our study in a period prior to the widespread adoption of the recommendations of the Cadbury Report by UK companies, our findings should more accurately capture the true role of board composition in a less-prescriptive governance environment. Our results suggest that mutual insurers utilize a greater proportion of non-executive directors and are less likely to have CEO/Chairman duality than their proprietary counterparts. This evidence is consistent with mutuals using stronger board governance to compensate for weaker ownership control. Proprietary companies, which are subject to stronger shareholder and capital market control, place less reliance on non-executive monitoring. Using a number of performance measures, we find no significant difference in the behaviour of mutual and proprietary companies with the exception of executive remuneration, (which is significantly higher for proprietary companies); furthermore there is no evidence that mutuals have outperformed their stock company rivals. Overall, our findings suggest that insurance companies emphasize different governance mechanisms depending on the specific monitoring problems they face.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-8551.00269
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  • 3
    Electronic Resource
    Electronic Resource
    Ethical Aspects of the Marketing of Savings and Investment Products in the UK (1994)
    Oxford, UK : Blackwell Publishing Ltd
    Business ethics 3 (1994), S. 0 
    Details
    ISSN: 1467-8608
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Philosophy , Economics
    Notes: In spite of strengthened financial regulation, ethical concern continues about the promotion and distribution of financial services in Britain, including savings and investment products. Greater ethical attention needs to be paid to products, price, promotion and distribution. The authors are all faculty members of the School of Management and Finance, University of Nottingham, University Park, Nottingham NG7 2RD, UK. Correspondence should be addressed to Dr Ennew. Alison McGregor gratefully acknowledges funding provided by the Association of British Insurers.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8608.1994.tb00073.x
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  • 4
    Electronic Resource
    Electronic Resource
    Investment risk perceptions: Do consumers and advisers agree? (2004)
    Bingley : Emerald
    International journal of bank marketing 22 (2004), S. 180-199 
    Details
    ISSN: 0265-2323
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper presents the results of a detailed comparison of the perceptions by individual consumers and expert financial advisers of the investment risk involved in various UK personal financial services' products. Factor similarity tests show that there are significant differences between expert and lay investors in the way financial risks are perceived. Financial experts are likely to be less loss averse than lay investors, but are prone to affiliation bias (trusting providers and salesmen more than lay investors do), believe that the products are less complex, and are less cynical and distrustful about the protection provided by the regulators. The traditional response to the finding that experts and non-experts have different perceptions and understandings about risk is to institute risk communication programmes designed to re-educate consumers. However, this approach is unlikely to be successful in an environment where individual consumers distrust regulators and other experts.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/02652320410530304
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  • 5
    Electronic Resource
    Electronic Resource
    Ethical issues in insurance marketing in the UK (1996)
    Bradford : Emerald
    European journal of marketing 30 (1996), S. 67-80 
    Details
    ISSN: 0309-0566
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Concern about ethical practices in the marketing of financial services has increased in recent years, despite an apparent strengthening of the regulatory framework. In part the ethical problems associated with the promotion and distribution of financial services may be attributable to specific features of the market such as asymmetric information. From the consumers' perspective, there is a range of anecdotal evidence concerning ethical problems in the marketing of financial services in general and insurance products in particular. Information concerning the industry perspective on these issues is limited. Presents evidence of the extent to which ethical problems in marketing are identified by those in the industry and the extent to which the views of marketing staff differ from those of non-marketing staff.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/03090569610118786
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