in 2018 #Carillion collapsed spring the #Tories to commit t a major overhaul of the UK's #corporategovernance.

Five years on:

The proposal to strengthen the explicit responsibility requirement on directors has not happened.

The under-performing & weary run Financial Reporting Council remains un-reformed.

And the #Audit sector (subject of widening criticism) also remains largely untouched.

So, just more #Tory declaration #politics with no actual action; Why's that? you might ask

h/t FT

More regulation of #business has been dropped (at the behest of the #financialservices sector).

Responding to the #Carillion collapse, rules that would have required #businesses to make an annual statement on how they were ensuring their resilience, and would also have required disclosures on their distributable profits, risk of material fraud & whether disclosures on environmental & other metrics were independently audited, have been dropped, three months after being proposed to Parliament!.

In the 6 years since the #Carillion collapse, while there has been some improvement in regulatory activity around #auditing by the Financial Reporting Authority, its legislative position remains weak, as do its available sanctions against bad practice.

But as Helen Thomas (FT) reminds us the 2018 report into the Carillion which recommend changes & improvement to the regulatory regime, was from a committee chaired by #RachelReeves;

She might actually be in a position to do something, soon?

Kate Bush Birthday - Carillon / Church bell concert - Enschede - 30 jul 2023

https://youtu.be/iU1DYYkTtC0

#music #katebush #carillon #carillion #enschede #birthday #celebrate