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When you submit your proxy votes it’s normally safe to assume that what you voted on is, well, what is going to get voted on. Maybe not. Now that the dust has settled on the takeover of GKN plc by Melrose Industries plc it seems like an appropriate moment to take a look at some […]

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Kobe Steel

The chief executive and other senior executives have stepped down from Japanese company Kobe Steel following the publication of the report outlining the findings of an investigation into the data falsification that the company admitted to in October last year. The investigation uncovered 163 more customers since October that had received metal products which did […]

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Tesco equal pay

UK supermarket chain Tesco faces its first equal pay claims that could add an extra 4 billion to its wage bill. The action has been brought by law firm Leigh Day, which said it had started submitting claims on behalf of its clients through ACAS, which is the first stage in the Employment Tribunal process. Leigh Day said […]

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Carillion directors

The former directors of Carillion who appeared before the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into the company’s collapse last month were labelled as “delusional” by its co-chairs Frank Field MP and Rachel Reeves MP. Field and Reeves said: “We heard variously that this was the fault of the Bank of England, […]

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MPs

The House of Commons’ Work and Pensions and Business, Energy and Industrial Strategy Committees have launched a  joint inquiry into the collapse of construction firm Carillion. The select committees said they would be investigating how a company that was signed off by KPMG as a going concern in Spring 2017 could crash into liquidation with a […]

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audit market

The collapse of Carillion raises concerns not only about corporate governance at the firm and KPMG’s audit, but also how the directors were able to get changes to their pay passed the vote. Speaking in The Guardian on Saturday (20-Jan-18), British Prime Minister Theresa May signalled her government’s frustration with the slow pace of change: “Boardroom excesses […]

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Petrobas class action USS

Brazilian oil and gas company, Petrobras, has signed an agreement to settle a securities class action lawsuit filed in the US in which the lead plaintiff was UK pension fund, the Universities Superannuation Scheme (USS). Under the settlement, Petrobras agreed to pay US$ 2.95 billion to resolve claims in two installments of US$983 million and a last […]

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audit market

Support services company, Carillion, which has been suffering from financial difficulties in recent months, announced that the Financial Conduct Authority (FCA) has notified the company that has commenced an investigation. This is in connection with the timeliness and content of announcements made by Carillion between 7th December 2016 and 10th July 2017.  The company issued an update […]

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Persimmon LTIP

The chairman of housebuilding company, Persimmon, Nicholas Wrigley is to step down from his post once a successor has been found and Jonathan Davie, senior independent director and chairman of the remuneration committee resigned after taking responsibility for the lack of a cap on the firm’s long-term incentive plan (LTIP). Persimmon said it had introduced the LTIP […]

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Steinhoff accounting irregularities

Markus Jooste, the chief executive of the global retail group, Steinhoff, which owns Poundland, Bensons for Beds and Pep & Co in the UK, has resigned after accounting irregularities were uncovered at the company. The company’s supervisory board has engaged PricewaterhouseCoopers (PwC) to conduct an independent investigation into the findings and would update the market […]

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