Susy Roberts, 6th May 2016
As taxpayers find themselves liable for BHS’s £571 million pension fund deficit, questions are being asked about Philip Green’s leadership of the company.
Not only did he pay himself and his wife £358 million in dividends, while the pension fund swung from a health surplus to a deficit, but the Financial Times has discovered that by charging the store costly administrative fees and rent for properties sold to his wife, the cash extracted actually amounts to £1.2bn.
Unfortunately, as Green takes possession of his latest £100 million pound yacht and the public calls for him to be stripped of his knighthood, he’s become just one more individual on a very long list of people who’ve put personal gain ahead of the fortunes of the company and people they were entrusted to lead. There appears to be no evidence of values based leadership.
So what can we do? If we don’t want to have any more pension deficits, cheating on car emissions, telephone hacking by journalists, bribes being accepted by sports officials, not to mention unethical behaviour by bankers, there’s one clear thing we could and should be doing differently…