I wasn't told initially - Moyo

We speak to Peter Moyo, Group CEO elect at Alexander Forbes about the general principle of redress, and some of the issues behind the recent bulking debate.

We asked Moyo whether they (the Alexander Forbes board) would be seeking redress from executives who may have benefited from the artificial increase in profit generated as a result of their non-disclosed bulking practices.

Moyo said that it was essentially an issue of fair treatment. He wondered how the previous MDs of the businesses would react to suggestions that they pay back a portion of the bonuses they may have received. The calculation would become fairly difficult he maintains.

To complicate this even further two of the previous incumbents CEOs - had left the group.

When asked what the situation would be if there were still senior staff employed by the group, Moyo again re-iterated the issue of fairness and equal treatment.

Its something that the board and senior team grapple with every week, he says.

On the question of whether he knew about the size of bulking issue prior to joining the group Moyo says he wasnt aware prior to joining. The matter was brought to his attention once he had joined when Rael Gordon, the outgoing group CEO mentioned that he (Moyo) should meet with the previous CEO to get a more detailed briefing.

It was as a result of this briefing, he says, that he decided to do something about it.

Editors thoughts

* Entering this environment at a senior level has to be a trying experience. Not having been given all the information at the outset is also a problem.
* One wonders again where the board of directors was during this bulking process. At the very least they should have been asking the right questions and applying their minds.