Former chairman of HBOS to remain chair of mental health charity

MQ says Lord Stevenson, heavily criticised by a parliamentary commission for his role in the bank's demise, has the complete confidence of staff and trustees

Lord Stevenson
Lord Stevenson

MQ, a new mental health charity, has confirmed that Lord Dennis Stevenson, the heavily criticised former chairman of the bank HBOS, will retain his role as chairman of its trustee board.

Lord Stevenson was criticised by the Parliamentary Commission on Banking Standards for his role in the failure of HBOS in its report on the bank, published last Friday.

MQ registered with the Charity Commission in 2011 and was launched officially at the start of 2013. Its object is to advance education and research into mental health. It received a £20m start-up grant from the Wellcome Trust, the medical research funder.

Cynthia Joyce, chief executive of MQ, said that it "stands by Lord Stevenson" and that he would remain as chairman. The charity said in a statement that the establishment of MQ was a direct reflection of Lord Stevenson's "deep personal commitment to helping people affected by mental illness".

The statement added: "We have benefited so much from his insights as a long-time advocate, experienced fundraiser and charity strategist. Dennis has the complete confidence of the staff and trustees of MQ. We are proud to be working with him and grateful for his leadership."

Lord Stevenson is also listed on the Charity Commission’s website as a trustee of Glyndebourne Productions, an opera charity, and the National Instrument Collection, a charity that buys musical instruments of historical importance. Neither charity could be reached for comment.

Sir James Crosby, a former chief executive of HBOS, said yesterday that he would step down from his role as a trustee of Cancer Research UK.

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