The decision by Paul Myners to become a non executive at GLG Partners, which floats on Wall Street today, is either a stroke of genius by the British hedge fund or a puzzling diversion for the City stalwart. Appeal or no appeal, GLG has the dubious honour of being fined not once but twice by AMF, the French financial watchdog, for receiving inside information on two bond issues. Perhaps the thinking is that the presence of Mr Myners, better known for gracing the boards of O2, PowerGen, and Marks & Spencer, will lend weight to a GLG that is suddenly keen to extol its commitment to corporate governance. Despite joining the stockmarket in an unconventional manner, through a reverse takeover, GLG will now have to become less opaque. As a champion of transparency — whether as a fund manager at Gartmore or in his Treasury-backed enquiry into institutional investment — Mr Myners can only aid that process.

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