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Carillion Contents

Contents

Summary

Introduction

Our inquiry

The company and timeline

Timeline of key events

1 Carillion plc

Business approach

Dash for cash

Dividends

Pension schemes

Suppliers

Corporate governance

Key board figures

Financial reports

Financial performance up to July

July 2017 trading update

Aggressive accounting

Carillion’s finance directors

Conclusions on Carillion’s board

2 External checks and balances

Investors

Auditors

Advisors

Pension trustees

The Pensions Regulator

Financial Reporting Council

Role of Government

Crown Representative

Government support

Insolvency Service

Corporate law

Wrongful trading

Directors’ duties

Winners and losers

3 Lessons

Government responsibilities

Government relationships with strategic suppliers

Prompt Payment Code

Corporate Culture

Investors and stewardship

The Pensions Regulator

Financial Reporting Council

The Big Four

Conclusions

Conclusions and recommendations

Formal minutes

Witnesses

List of Reports from the Business, Energy and Industrial Strategy Committee during the current Parliament

List of Reports from the Work and Pensions Committee during the current Parliament



Published: 16 May 2018