The collapse of the second-largest construction company in the country will have a massive impact in workers and small businesses. Among the million questions now up in the air, it is specifically flagrant the issue of payoffs and remuneration schemes in place at Carillion’s over the past critical years. Moreover, there is also the broader question to ask about the complicity of the system and the culture of corporate governance in these failures.
“The UK Government and Parliament launched two public consultations on corporate governance in 2016 and 2017 which included questions on the obligations of corporate directors and systems of executive remuneration, as well as on the role of workers to counter-balance short-term thinking. Beyond the present damage control and depuration of responsibilities, it is imperative that UK legislators proceed with the revision of the corporate governance framework in order to avoid yet another corporate implosion”
Filip Gregor, Head of Responsible Companies at Frank Bold