More than 40 City leaders have been contacted for pro-bono assistance
Aviva chairman Adrian Montague will be spearheading a new City-based task force that aims to tackle the impact of the Covid-19 pandemic on British businesses.
According to The Sunday Telegraph, the new committee – branded the Recapitalisation Group – is being formed by private-sector membership body and industry advocacy group TheCityUK, with Montague chairing the campaign.
Montague, alongside prominent names working across asset managers, banks and law firms, has been challenged to find solutions to the financial strains that many national firms are experiencing as a result of the continued coronavirus outbreak.
This will include looking at rights issue underwriting and equity sales in ailing companies.
The committee will have representation from different business sectors, with 10 veteran executives selected to lead the collaborative effort, reported The Sunday Telegraph.
With this in mind, more than 40 City leaders were contacted last week with enquiries about pro-bono assistance; pitches to join the task force are to be picked now the Easter weekend has finished.
Montague is due to retire from his role as Aviva chairman later this year, having already served as the insurer’s chief executive on an interim basis last year.
He had already taken on a role with TheCityUK’s advisory council, announced last September.