Liberal Democrat Dacorum Resident, Sharon Bowles, Appointed to Board of London Stock Exchange

August 26, 2014 8:15 AM
Originally published by East of England Liberal Democrats

Congratulations to Dacorum resident and former Liberal Democrat MEP, Sharon Bowles, on her appointment on 15th August, 2014, as a non-executive director on the board of London Stock Exchange Group.

Sharon Bowles and Jean-Claude TrichetThe London Stock Exchange is a major component of the City of London, the world's most important financial centre. More euros are traded on the London currency market than in the rest of Europe combined and more US dollars are traded in London than in New York.

In 2012 Sharon Bowles was shortlisted for the post of Governor of the Bank of England, her candidature at the time having been supported by the Stock Exchange.

Until retiring as an MEP in May 2014 (she did not stand for re-election) Sharon Bowles was the Chair of the European Parliament's Economic & Monetary Affairs Committee, succeeding the Socialist MEP Pervenche Berès in 2009.

In that role Sharon Bowles was instrumental in pushing through the European legislation that has introduced the cap on bankers' bonuses.

However, she said in an interview to the BBC on 6th March, 2014, that she is now not seeking to change the bonus cap legislation, but acknowledges that "what angers a lot of people is that the overall sum, no matter what it is called, is too big. And to be honest there is nothing you can do about that unless there is rehabilitation of banking in general back to the ranks of the normal."

"I think the nature of banking will change: it is going to be harder for the banks to be able to engage in risky structures," she said, citing Vince Cable's plans to separate risky investment banking from high street operations. "These are the fundamental reforms that matter", she argued.

In answer to the interviewer's final question she replied: "What is going to make our banks change the most? It will be when we finally get round to changing their boards so that they have the kind of diversity that one expects, and a diversity of views. If you look at the top of banking, it is still a world of grey men."

The picture shows the then Chief Executive of the European Central Bank, Jean-Claude Trichet, congratulating Sharon in 2009 on her appointment as Chair of the EP's Economic & Monetary Affairs Committee.