21 JANUARY 1989, Page 23

Only the owners

THE example of humility has been set by GEC's institutional shareholders. Eighteen months ago David Walker offered the Bank of England's services to bring about change in company boardrooms where the institutions wanted it. If they lacked some- one to speak and act on their behalf, then, said Mr Walker, the Bank was willing to sell the big cats. The institutions to which this bold offer was made were then asked where they would find it most useful, and GEC headed their list. Even so, they never took the offer up. They had too much humility for that. They preferred not to interfere with the business — they were only the owners.