Carillon – UK Tax payers to take the wrap while directors and shareholders pocketed millions every year for zero responsibility #businessnews #carillion #corporateresponsibility
Carillion is led by a strong, balanced and highly experienced Board and Group Executive, which is well qualified to direct, motivate and support the business. This team produce glowing annual reports and their remuneration over the past five years is in excess of £20 MILLION.
The details are listed towards the middle of the submitted annual reports. These can be downloaded here:
Carillon are struggling to stay viable in the UK. The banks are unwilling to assist them and it looks increasingly likely the UK tax payer will be expected to rescue this company.
Where is the corporate responsibility of the highly experienced board now? Shareholders have received annual dividends in excess of £60MILLION every year for the last five years. Vince Cable is absolutely right in this………
“They’ve got to force the shareholders and indeed the creditors, the big banks, to take losses, and then the government can take responsibility for taking the contracts forward and making sure they are delivered.”
If it cannot be saved the company should fold and the work along with the jobs reallocated to suitable alternative contractors. UK tax payers should not be the magic money tree for corporate irresponsibility that allowed Carillion to get to this position while continuing to pay ever increasing remuneration to directors and shareholders year on year. It is time that those responsible took the ultimate RESPONSIBILITY!!