Skip to main content

Tweaks, delays and compromises define UK’s post-Carillion response | Nils Pratley

From initial hopes of radical reform, we’ve ended up with a slight adjustment to the corporate governance code

Here it is, then, six years after the collapse of Carillion: the UK’s response to the massive governance failure at a major government contractor that folded only six months after its first profits warning. From 2026 – so after yet more delay – the boards of quoted companies with a premium listing on the London Stock Exchange will have to declare that their firms’ internal controls are up to scratch.

If this rule change sounds like a watery imitation of what was promised in the aftermath of the Carillion fiasco, you’d be right. Back then, there was a zeal to take radical measures to reform the responsibilities of company directors, as well as to shake up the entire audit industry and the audit regulator, the Financial Reporting Council (FRC). Instead, in terms of what will be required of directors, we’ve ended up with a tweak to the UK corporate governance code.

Continue reading...

from The Guardian https://ift.tt/X5Kvuqy
Labels:

Comments

Post a Comment

Popular posts from this blog

England booed off after failing against Iceland once more in Euros warm-up

It was a long way from being the triumphant Euro 2024 send-off for Gareth Southgate and his England players at a sold-out and increasingly fretful Wembley. Never mind the result because it was not the main thing, however much it stirred memories of you-know-when against Iceland. It was the performance that raised the difficult questions, the worst one for quite some time and at exactly the wrong time. The home fans, thousands of whom made for the exits before the end, were forced to watch the second half – from about minute 55 onwards – through the gaps between their fingers. And it had not been great before that. Continue reading... from The Guardian https://ift.tt/4ndfQL0
Post a Comment
Read more

Manchester City in title driving seat after cruising to win at Leeds

The title stare-off becomes steelier with each week. Elland Road was at its raucous best and a highly motivated Leeds played well enough to ensure Manchester City rarely neared full stride. Nevertheless the leaders mastered the situation, showing they can win via set pieces when means of higher aesthetic merit elude them. Rodri and Nathan Aké proved the point with goals in each half, garnished later by Gabriel Jesus’ sixth in three matches and a Fernandinho daisycutter, and Pep Guardiola’s delight at the outcome was obvious. This had been a possible banana skin, with the potential leveller of such a highly charged atmosphere; instead City cruise on and Leeds, who are in genuine danger of going down, must seek more viable routes to safety. This encounter had an edge from the outset. It needed to, because the heat had been turned up on both teams. City would have expected Liverpool to achieve what was necessary at Newcastle; Leeds might not have banked on Burnley’s turnaround at Watford...
Post a Comment
Read more

Bins ‘overflowing’ in parts of England as Covid hits collections

Staff sickness in areas including London, Gloucestershire and Somerset leads to waste services being scaled back Coronavirus – latest updates See all our coronavirus coverage Bins across parts of England are reportedly “overflowing” with rubbish from the festive period due to Covid-related staff shortages. London, Gloucestershire, Somerset and Buckinghamshire are among the areas where councillors have warned that bin collections are being scaled back because of staff sickness. Continue reading... from The Guardian https://ift.tt/3qIHK0C
Post a Comment
Read more