UK Corporate Governance Watchdog Should Investigate BHS Sale, MP Says

An MP has urged the UK’s corporate governance regulator to investigate the sale of BHS in 2015, calling into question the responsibility of the directors involved. Richard Fuller, who is a member of the Business, Innovation and Skills select committee, said in a letter to the chief executive of the Financial Reporting Council that the transaction, which saw BHS sold to Retail Acquisitions for £1, “raised serious questions about the efficacy of current regulations as well as director responsibilities”. Mr Fuller, who is MP for Bedford, questioned whether standards governing business acquisitions were followed by advisors to the buyer, as well as the buyer itself. As a result, he requested that the Financial Reporting Council undertake an investigation into “the conduct of the directors and advisors and other interested parties” who played a part in the sale. The BIS select committee has already promised to launch an inquiry into the due diligence carried out by Sir Philip Green’s Arcadia Group and Retail Acquisitions ahead of the sale.

filed under: Uncategorised

0 thoughts on “UK Corporate Governance Watchdog Should Investigate BHS Sale, MP Says”

Comments are closed.