The boards of mutual companies like LV=need better oversight

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy It isn’t often that organisations like investment firm Bain Capital suffer reverses but the great unwashed delivered a stinging one to its expensively tailored suits yesterday. For the controversial bid – already facing a potential legal challenge from rebel members – to go through, it required 75 per cent support, under provisions designed to make life difficult for potential carpetbaggers. There ought to be a body capable of holding them to account when they fail to act in members’ interests, and of scrutinising, even potentially halting, deals like this one if necessary.