An accounting error wiped about £1.5 billion from the bank’s value in January TOBY MELVILLE/REUTERSMetro Bank’s audit and risk oversight committee was rebuked by shareholders at the company’s general meeting after a disastrous accounting error wiped about £1.5 billion from the company’s value. More than a quarter voted against the reappointments of two of the committee’s non-executive directors, Stuart Bernau, 67, and Gene Lockhart, 69. Last week Metro rushed to defuse rumours of financial trouble after details emerged of an accounting error in January that left it without enough capital as a buffer against certain loans. The drama revived concerns about governance at the challenger bank. Advisory groups and investors had called on shareholders to vote against the reappointment of Vernon Hill, 73, as chairman.
Source: The Times May 21, 2019 23:03 UTC