The Financial Times reports that Standard Chartered is said to be preparing for a 'swift' boardroom shake-up in the wake of last week's $340m settlement in respect of money laundering claims. The overhaul is thought likely to involve several current non-executive directors.
The newspaper quotes one top shareholder who said: 'A big issue is the failure of oversight, which means Standard Chartered needs to act over the make-up of the board. They may need to act quickly over this to prevent a loss of credibility'.
In the meantime, The Telegraph reports that one of Standard Chartered’s key UK investors has questioned the bank’s decision to pay the $340m fine, despite insisting that the claims against it were flawed.
The newspaper quotes the investor, who said: 'I do not understand how paying $340m has been the right thing to do,” the shareholder said. “If the bank did not do anything wrong, why has it chosen to settle so quickly ? Their behaviour makes no sense whatsoever......
'What is not clear is why their position changed so radically. If they did not breach the rules, why have they agreed to pay the settlement and open themselves up to further fines with other US regulators ?'
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