Lady Sarah may find her fortune at risk

The Princess of Wales's eldest sister Lady Sarah McCorquodale may be personally liable if the £16million lawsuit succeeds.

As president of the board she was behind some of its most controversial decisions.

Under her leadership it gave £895,169 to asylum seekers and a further £150,000 to restore the Kosovan bee-keeping industry. More significantly it also became embroiled in a series of lawsuits costing millions of pounds as the trustees fought to prevent companies exploiting Diana's image.

Friends say the woman dubbed "McCrocodile" by former royal butler Paul Burrell has changed beyond recognition in recent years. Once known for her sharp sense of humour and outgoing nature, these days she is a quiet figure, living discreetly in Lincolnshire. Aged 48, she is married to Neil McCorquodale, a former Guards officer. They have three children.

It was her relationship with Prince Charles that brought her to prominence. She famously insisted: "If he asked me I would turn him down. I would only marry for love."

Months later she met her husband-to-be and in 1979 married him, while Prince Charles began his pursuit of her sister. Thereafter the two sisters' lives changed forever.

While Lady Sarah was one of three main beneficiaries of her father's £89 million will, it is believed much of the money went to her brother Earl Spencer or was swallowed up by death duties.

She was also thought to be included in her sister's will and the Queen Mother's £26 million legacy. Her husband is also rich in his own right.

Among the other trustees are: Tahera Aanchawan. She has considerable experience of health and social care policy and of working with the voluntary sector. From 1992 to 1998 she managed Share, a national information project on health and race. She works as a freelance consultant focusing on inequalities, human rights, organisational management development and user involvement.

Lord Bhatia is described as a "successful businessman" but the 71-year-old is slightly better known for his efforts at the Ethnic Minority Foundation and as a trustee of the charity Oxfam.

Earl Cairns is an old Etonian who was a renowned City banker for many years. He was head of Warburg throughout the Eighties and involved with privatisations such as BP, the electricity companies, Cable and Wireless and British Airways. Now 64, he became Viscount Garmoyle at the age of 10 and the sixth Baron Cairns at the age of 50.

Michael Gibbins, 59, is Diana's former senior aide. He was an accountant who became the Princess's comptroller and private secretary in the last year of her life.