Carillion - Bonus Clawback Rules Changed In 2016

[barney15c]

Jur before 1st profit warning.
I'm assuming this would have needed shareholder approval.
Why didn't they block it?

[Baldric]

Do you have a Link?

[barney15c]

http://www.thisismoney.co.uk/money/markets/article-4873710/Carillion-protected-bosses-4m-bonuses-crisis.html

[douglas9401]

I'm sure there's a higher authority with an alternative view as to how it's all going to shake out.

Y'know, the one that relies on voters for their position at the trough.
There may yet be a surrender of ill gotten gains from inept directors.

[youngmafbog]

Directors can be held to account regardless of what they say in their Company rules. If the Government has the balls to do it and that remains to be seen.

[mikey4444]

I understand that the former Former chief executive Richard Howson, in charge until last year when Carillion issued the first of three shock profit warnings, will continue to be paid until October.

Carillion has now gone spectacularly bust, and 10,000's of sub-contractors face financial ruin.

So, not sure where this money to pay Howson is going to come from.

[youngmafbog]

//and 10,000's of sub-contractors face financial ruin. //

Unfortunately this is happening everyday Mickey.

We are having problems with a builder we did some work for and it's looking like we will have to take the hit. I dont suppose you or anyone else will be campaigning for help for us?

As a self employed person you have to take the rough with the smooth and try and ensure you are not putting eggs in one basket.

[mikey4444]

YMB.....Its the lack of clarity about these Big Business affairs that is worrying.

One of the small sub-contractors that is effected by this is owed £250,000 by Carillion. They submitted their bills last September and its now obvious that this account will never be paid. This is repeated with 1000's of other companies. 120 days to wait until getting paid is just not on, so maybe some laws need to be passed to counter that.