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Carillion: Whole system of corporate accountability 'built on sand'

22 February 2018

Chair of the Work and Pensions Committee comments on three and a half hours of oral evidence in Parliament this morning from The Pension Regulator and Carillion's internal and external auditors, Deloitte and KPMG.

At the mercy of reckless and self-interested directors

Rt Hon Frank Field MP, Chair of the Work and Pensions Committee, said:

"We imagined that regulators regulate, and auditors audit. I suppose the employees, suppliers and pensioners of Carillion, and the public, did likewise. We were told this morning, however, that these highly paid individuals are mere spectators – commentators at best, certainly not referees - at the mercy of reckless and self-interested directors.

I fear it is not only Carillion that is built on sand: it is our whole system of corporate accountability."

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