Rosemary Radcliffe - Northern Wreck Director who approved issue of fraudulent Interim accounts and 33% divvy rise - reckless or criminal ?

Rosemary Radcliffe, who was a non-executive director at Northern Rock, (until the load shedding exercise on Friday 16th November 2007) was also a former chief economist at PwC ( she was at PwC 1982-2001)

Rosemary joined the Northern Rock Board on Jan 1st 2005 and in that year was paid for her Non Exec duties £37,000 for that year. She must have been mightily pleased when ths was increased by 50% to ££54,000 starting 2007.

No doubt she would also be aware that when the Interim accounts were prepared and published and approved by the Directors, on July 26th that 73 % of the loans covering the NR balance sheet was due in 3 months.

Nor should we forget that the FSA announced on 03/09/2001, that Rosemary Radcliffe, former Chief Economist at PricewaterhouseCoopers, was appointed to be the independent Complaints Commissioner for the Financial Services Authority (FSA) an appointment made by the then Minister, glamorous, intelligent ,fun loving Ruth Kelly. Rosemary left the post on 3rd September 2004 to be replaced by Sir Anthony Holland, Chairman of the Northern Ireland Parades Commission (?) and a former Principal Ombudsman for the Personal Investment Authority.

At the time the shortly to retire FSA Chairman Callum McCarthy said: "I would like to express the thanks and appreciation of the FSA Board to Rosemary Radcliffe for her work to establish the Complaints Commissioner position as one of undoubted independence and integrity."

In the light of all this it is fascinating to see from the Year End Accounts and report that in the year she attended ;

Risk Committee meeting : Once (out of 3 held)
Main Board Meeting : 11 times out of 21 held.

Evidently a lady who took the consideration of risk and the oversight of the company as a matter of great importance which reflected her (very generous) pay rise.