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David Somers, chairman of Fujitsu Pension Scheme - Concerns


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I emailed the pensions regulatory authority yesterday expressing my concerns about David Somers, chairman of the Fujitsu pension scheme. I attached the Somer's email 'leaked' a few days ago.

 

Initial response received:-

 

 

Dear govan_derriere,

 

Thank you for your email.

 

The Pensions Regulator's role is to enforce the legislation surrounding work-based pension schemes in the UK. Our primary objectives include protecting member’s benefits of those schemes, promoting good administration and improving understanding of work-based schemes.

 

Our primary focus is to educate and enable those responsible for managing pension schemes to ensure that the right member outcomes are achieved. We do, however, have a number of enforcement powers that we can use to help meet our objectives, such as imposing fines where a breach of legislation has occurred.

 

We are a risk based regulator and we apply this approach when dealing with concerns around the conduct of trustees.

 

The regulator appreciates you bringing these concerns to our attention. We will make initial enquires about the information you have provided and subject it to our risk assessment process. We may ask you to clarify the information you have already provided, but we do not encourage you to try to get any new information. If appropriate, the matter will be referred for further investigation. Please note that we are unable to supply any feedback to you about the outcome of any possible investigation.

 

Once again, thank you for bringing these concerns to our attention.

 

Kind regards

 

http://www.thepensionsregulator.gov.uk/contact-us.aspx

http://www.trusteetoolkit.com

 

 

 

To whom it may concern,

 

David Somers, chairman of Fujitsu pension scheme,

 

 

 

Dear Sir,

 

I understand that Mr David Somers is chairman of Fujitsu pension scheme. I have reservations about the suitability of this gentleman to hold this post & fear that he does not meet the fit and proper test.

 

I am a shareholder in Rangers International Football Club. As chairman of Rangers International Football Club, David Somers has failed miserably to apply appropriate standards of Corporate Governance and has fallen considerably short in meeting his fiduciary duty.

 

The attached email was released into the public domain several days ago. In this email, I believe that David Somers reveals that he has been operating on his own behalf for personal gain and not on behalf of the company and its shareholders. The email also indicates that he has backed a minority shareholder, Mike Ashley, who only owns around 9% of the company! These are not the actions of a trustworthy chairman of a publicly listed company.

 

On 31st December, Colin Kingsnorth from Laxey Partners released this statement:-

 

In this statement he provides a damning description of Mr Somers as 'just a wet fish agreeing anything Ashley wanted'.

 

On PA wires: Laxey partners chairman Colin Kingsnorth confirms he has sold his 16% stake to the Three Bears: "I sold because a fans-based group were hopefully going to be the best placed to take on Ashley's power. After Ashley removed Norman Crighton, Ashley's most vocal critic, it was obvious David Somers was just a wet fish agreeing anything Ashley wanted. I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands."

 

 

 

As a shareholder in RIFC, I have grave concerns about the lack of integrity shown by David Somers in his role as chairman of RIFC. I believe that any chairman needs to display personal qualities that are above reproach. He has singularly failed to do so at RIFC. I feel duty bound to bring my concerns to your organisation given he also serves as chairman of Fujitsu pension scheme

 

Yours faithfully

 

govan_derriere

 

Shareholder in RIFC

 

 

 

I append some web links that provide some additional background.

 

http://www.telegraph.co.uk/sport/football/teams/rangers/11311642/Rangers-chairman-David-Somers-pleaded-for-Mike-Ashley-takeover-to-succeed-emails-reveal.html

 

 

 

http://www.eveningtimes.co.uk/rangers/fans-chief-demands-rangers-chairman-david-somers-quits-over-email-193484n.115565781

 

 

 

http://www.express.co.uk/sport/football/548420/Shambolic-David-Somers-told-to-give-up-Rangers-chairman-s-role

 

 

 

http://www.directorstalk.com/rangers-dave-king-slams-chairman-david-somers-bids/

Edited by govan_derriere
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