LETTER: Old Mutual’s abysmal performance
No blame can be placed on the demutualisation of the organisation in 1999, and its changed ethos
Among the daily barrage of paper bullets used in the Israeli-Palestinian conflict on Business Day’s letters page it was uplifting to see that matters of a corporate nature can also receive attention. Rowan Phillips’ sad report on his dealings with Old Mutual is unfortunately another example of the abysmal performance of “the” life assurance organisation that was relied upon by thousands of policyholders to manage their investments and secure their financial futures “No Mutual respect here” (May 30).
No blame can be placed on the demutualisation of the organisation in 1999, and its changed ethos. (Policyholder cannot be a word much used or well understood at Old Mutual these days.) When Mike Levett was persuaded to leave after a disastrous foray into the US market, the golden handshake he received made a mockery of corporate governance...
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