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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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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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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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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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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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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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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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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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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Although studies have shown that organisations with strong, positive cultures have been shown to outperform their peers and the absence of a healthy culture can create or exacerbate significant risks, the National Association of Corporate Directors’ (NACD) 2017 Blue Ribbon Commission found that US companies are still not taking it sufficiently seriously. The NACD said that […]
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