Sir Christopher Bland's arrival is probably only the first of these changes. Responsibility clearly must lie in large part with BT's most senior stewards. But it cannot rest there alone. These sources will include a number of fund managers, broking analysts and bankers who had repeated opportunities to influence BT's strategy long before circumstances revealed it to be misguided. Blame the banker - he proposed the deals.
Trustees can seek alternative fund managers.
Analysts' reputations are tarnished. Bankers' deal pipelines dry up. However, these recent cases seem to me to constitute merely the natural cyclical upswing associated with economic and stock market downturns. The National Association of Pension Funds and the Association of British Insurers have been vocal in demanding more accountability in setting of executive remuneration - and for remuneration to be effectively performance related. Members of these associations are rarely prepared to stand up and be counted individually.