Address: Legal and General Group, Temple Court, 11 Queen Victoria Street, London EC4N 4TP, United Kingdom; www.legal-and-general.co.uk. The group`s managing director and legal and general manager of the Prosser Group attributes much of his professional success to his father, who turned away from family farming and studied to become a mathematics teacher. Prosser said in a union magazine, as reported in London`s Sunday Times, that his father had given him the best advice. “When I left home to go to college, my father told me to always be true to myself, to always do my best, and to remember that a pint of beer relieves stress” (September 12, 1999). Prosser followed in his father`s footsteps, studying pure mathematics at University College of Wales, Aberystwyth, and receiving first-class awards. Although he considered teaching a profession, the financial incentive pushed Prosser to become an actuary, a career path his brother also chose. In 1971, he was named a Fellow of the Institute of Actuaries. He then studied mathematics at the University College of Wales in Aberystwyth. His first job in his student years was breaking stones in a quarry — “very hard work until you find the technique,” he recalls. Career: Sun Alliance and London Assurance Company, 1965-1969, actuary; Hoare Govett & Company, 1969-1973, stockbroker; National Coal Board Superannuation Investments Department, 1973-1981, responsible for stock exchange activities; CIN Industrial Investments, 1981-1985, Managing Director, Venture Capital Activities; CIN Investment Management Company, 1985-1988, Managing Director responsible for pension fund assets; Legal and General Unit, 1988-1991, Group Leader; 1991 Deputy Director-General; 1991–, Chief Executive Officer and Group Director. Prosser apparently changed his plans in 1999 when his company announced that National Westminster Bank would take over the Legal and General Group. Much of the attention on the proposed merger has been focused on Prosser, who would have taken on the third most senior position at National Westminster – deputy chief executive – overseeing banking, insurance and pension products, fund management and small and medium-sized business operations. National Westminster was three times larger than the Legal and General Group at the time of the proposed merger.
One rival said of Prosser: “He is the most important Welshman in commerce, and I think it is a position he likes more” (London Sunday Times, 12 September 1999). One day, as Rosemary Prosser was riding the elevator at the London Coliseum, a Legal & General employee turned to her and said, “We think your husband is God and he will save us. Prosser became furious in 1997 when Treasury Secretary Helen Liddell announced that the Legal and General Group had been placed on a “whistleblowing and shame” list for failing to help resolve the pension abuse scandal more quickly. Prosser`s supporters were quick to point out that the company had actually done a lot to solve the problems. According to insiders, as reported by London`s Sunday Times, Prosser was “reckless” and withheld directors` bonuses if their staff did not follow insurance rules. A source said: “People are to blame for David. It holds them accountable, and they leave no doubt about it” (12 September 1999). “The British Insurance Awards 2001 Supplement – The Achievement Award – Captain of Industry”, Post Magazine, 19 July 2001, p.
67. After making a name for himself as a rising star on the National Coal Board`s pension fund team, Mr. Prosser joined L&G – then the UK`s fourth largest insurer – in 1988 to lead the investment department. In a letter to shareholders, Sir Christopher Harding, chairman of L&G, said some employees would be affected by the merger. “We will strive to make layoffs on a voluntary basis or through normal rotation,” he said. As head of the legal and general group, Prosser has been described as modest, gentle, “discreet and discreet” and “a naturally cautious and reserved man who often seemed uncomfortable in his role as L&G`s public figurehead” (London Sunday Times, 30 September 2001). Among his modest outside presence, however, was a specific manager. A colleague told London`s Sunday Times: “I think it can be quite scary for those further away. If you don`t perform, he will overthrow you” (September 12, 1999).
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