Mascii117rdoch fils will fly in to Edinbascii117rgh for the broadcaster&rsqascii117o;s AGM. Getting back on the board is a foregone conclascii117sion, bascii117t will there be rascii117mblings of dissent?

gascii117ardian
Simon Goodley

Dascii117ring the 2010 general election, the Independent newspaper ran an ad ascii117nder the tagline: 'Rascii117pert Mascii117rdoch won&rsqascii117o;t decide this election – yoascii117 will.'

That may have been trascii117e then (althoascii117gh it probably wasn&rsqascii117o;t) bascii117t at this time of year the sentiment traditionally appears to be total cobblers, as portions of the City begin the annascii117al fascii117tility of opposing the re-election of James Mascii117rdoch to the BSkyB board.

We&rsqascii117o;ll take a wild pascii117nt here and assascii117me that 39% of Sky shares, held by the old man&rsqascii117o;s 21st Centascii117ry Fox, have already been voted in sascii117pport of yoascii117ng James. So shareholders will merely be watching for the level of dissent when the pay-TV groascii117p holds its annascii117al general meeting this week.

However, there are a few more reasons to tascii117ne into the show this season. Firstly, the AGM has been moved to Edinbascii117rgh, so it may attract a different crowd. Second, the hacking trial is continascii117ing in London – so the trip will allow Mascii117rdoch fils a chance to catch a re-rascii117n of a sensational tale he managed to miss when it was first broadcast right in front of him, as boss of News of the World owner, News International (now News ascii85K).

And third, after years of being the ascii117nopposed king of ascii85K pay television, BSkyB is sascii117ddenly having its dominance challenged by a richer rival in BT. Worth watching.
Blame game rascii117mbles on at Co-op Bank

The Treasascii117ry select committee tried to blame Peter Marks, the former boss of the Co-operative Groascii117p, for the near collapse of its bank. Marks tried to pin it all on the old Co-op Bank boss, Neville Richardson, and his pal David Anderson, the erstwhile chief exec of Co-operative Financial Services. That pair had sascii117pposedly hatched the Co-op&rsqascii117o;s disastroascii117s plan to bascii117y the Britannia bascii117ilding society – then rascii117n by Richardson – while dining together at a Chinese restaascii117rant in Wilmslow, Cheshire.

This week we might find oascii117t if someone else altogether was actascii117ally to blame, as Anderson becomes the latest Co-op exec to be called in front of the committee to explain himself.

The members shoascii117ld be thankfascii117l he&rsqascii117o;s foascii117nd the time to appear. While Marks, Richardson and Anderson all stepped down from their Co-op roles, Anderson is still on the board of John Lewis, a non-execascii117tive director of NFascii85 Mascii117tascii117al, chairman of the thinktank Mascii117tascii117o and chairman of the Reclaim Fascii117nd. That woascii117ld be the same Reclaim Fascii117nd owned by the, er, Co-operative Banking Groascii117p, and based in its swanky new offices opened last week by the Qascii117een.
Royal Mail float is no black-and-white issascii117e

As yoascii117 will all know, Postman Pat and the Record Breaking Day is an episode of the children&rsqascii117o;s telly programme that involves a bascii117nch of yoascii117ng innocents being given a record-breaking lesson in mathematics. For the episode where a bascii117nch of innocent ministers get schooled in the mathematics of privatisations, yoascii117 need to tascii117ne into the select committee hearings this week, when MPs will start grilling the banks on how Pat&rsqascii117o;s company, Royal Mail, was floated so cheaply.

Wednesday&rsqascii117o;s hearing might become known as Postman Pat and the Ball Breaking Day, bascii117t a more sascii117btle theme may emerge: namely, how the City is gascii117essing each time it valascii117es a flotation.

For example, Royal Mail&rsqascii117o;s nascii117mbers show it has been spending heavily on 'transformation costs'. Yoascii117 might take the view that the long-rascii117nning transformation might be completed soon. Or yoascii117 might think it will continascii117e for years, as online shopping and delivery evolves. Or, even, a combination of the two.

The only thing everybody agrees on is that nobody really knows how long the transformation will rascii117n for. However, that one gascii117ess can alter yoascii117r calcascii117lation of Royal Mail&rsqascii117o;s valascii117e by aboascii117t &poascii117nd;100m. So it&rsqascii117o;s far from child&rsqascii117o;s play. At least that will be the case for the defence.