17 November 2009
The Association of British Airways Pensioners (ABAP) has called
for the removal of Mr Roger Maynard as chairman of the
trustees.
ABAP has pointed to a conflict of interest in Mr Maynard's
chairmanship of both BA's pension funds and his boardroom roles at
BA and Iberia (Mr Maynard is a director of Iberia and investment
director of BA).
BA's large pension deficit is a potential stumbling blocks in
its proposed merger with Spanish airline Iberia (see yesterday's
News Item). The deal could fall through if BA fails to agree plans
to address the estimated £3 - 4bn shortfall in its pension schemes
with trustees.
Last night the chairman of the Association of British Airways
Pensioners (ABAP), Dayne Markham, told City A.M. Maynard's position
was "like being Prime Minister and leader of the opposition at the
same time". He added "Roger Maynard's position is untenable. The
appointment of the trustees' chairman by BA dates back to before
the company was privatised, before there was pressure on the
pension scheme, and it does not make sense for that arrangement to
continue. We are entirely supportive of Maynard as a person, but he
is being put under unbearable pressure and we want an independent
chairman for both schemes.""
We understand that ABAP has written to the Pensions Regulator
calling for Maynard's replacement. The Pensions Regulator has power
to remove trustees where necessary, although this is rare. The
Pensions Regulator said it would not comment on specific cases.
A BA spokesman said: "We are confident there is no conflict of
interest."
