Carillion – the politicians’ view
“Carillion had a ‘rotten corporate culture’” screamed the headline above the article in the business section of BBC’s news website on Wednesday, May 16th, see http://www.bbc.co.uk/news/business-44129678.
The article remarks, “In a damning 100-page report, the Work and Pensions and the Business, Energy and Industrial Strategy committees said:
The Big Four accountancy firms were a “cosy club incapable of providing the degree of independent challenge needed”
Carillion’s collapse had exposed “systemic flaws” in corporate Britain and showed regulators were “toothless”
And warned “Carillion could happen again, and soon”
Furthermore, the two committees called Carillion’s rise and fall “a story of recklessness, hubris and greed“.
Undoubtedly, these are strong words. Despite emanating from two bodies representing a larger group of people, MPs, in whom the public have lost trust and respect, they should not be disregarded as an example of the pot calling the kettle black, of people throwing stones in glass houses. They beg a broader question being posed.