NED’s in Firing Line After Collapse of BHS

The collapse of BHS led to the loss of 11,000 jobs and put 20,000 pensions at risk. Sir Philip Green has been roundly criticised for the fact that he offloaded an ailing BHS with substantial pension deficits to a thrice bankrupt buyer with no retail experience, who ultimately drove it over a cliff. But Sir Philip is not the only one is the firing line. Lord Grabiner, an eminent commercial barrister, served as the non-executive Chairman of the Taveta Group boards which owned BHS and were ultimately owned by Lady Green. MP’s described Lord Grabiner’s performance in that role as ‘complacent’ and ‘the apogee of weak corporate governance’. Lord Grabiner could face proceedings for disqualification as a director which, if successful, would also prevent him practicing as a barrister and possibly eject him from the House of Lords, where he sits as a life peer. Disqualification proceedings can be taken against any director or shadow director who has been a director in the last three years of the company’s trading.