MAG Corporate Governance
I've been wondering how MAG were so badly affected by hubris that they continued with their bid for STN. It seems to me that their corporate governance leaves something to be desired.
The MAG website has no Director profiles on it, but information is hidden away in the report & accounts. There is a main board comprising the key executive directors, plus a smattering of non-execs and a part-time non-exec chairman. So far, so good. However, despite its ownership by Manchester area councils, there is only one representative of the shareholder group on the board (was two until May 2012).
The sole representative of any Manchester area council is Bernard Priest, a Labour time-server who represents the inner-city ward of Ardwick. He seems to have no business or travel experience, and is a former FE lecturer.
Effectively the taxpayers of Greater Manchester, who own this business, have minimal representation on its board of directors. If I were a council taxpayer in that area I would be writing to my councillor asking how this state of affairs had arisen.