Which FTSE 100 company will shortly have three chairmen and three chief executives? Step forward Land Securities, which is incubating three boards in one boardroom as it prepares for its promised three-way demerger.

It is impressive that the property group has managed to attract directors of the calibre of Sir Christopher Bland, formerly BT’s chairman, and Rick Haythornthwaite, late of Invensys, to chair companies whose independent existence is not yet secured. They and Paul Myners, who would continue as chairman of the spun-off London division, have the requisite pedigree. They may find that they need patience even more.