Friday 18 June 2010

Sants: Couldn't He Just Go ? Please ?

Never much enamoured of Hector Sants after the FSA's shocking failure to sort Northern Rock before it collapsed.

So first, we were pleased to learn he was quitting. This week, we discover he's not.

Now, we are to believe he has come up with a tremendous wheeze: let's broaden the duties of company directors to include a requirement to 'contribute to the common good' !

WTF ? Companies have legitimate partisan interests which, provided they obey the law, they should be free to pursue. The 'common good' is served by each company striving to thrive in competitive markets.

Couldn't we just go back to where Sants was leaving ?



Anonymous said...

WTF x 2 in my opinion in that what in goodness name is a govt numerically dominated by the Conservative Party agreeing to such rules.

Andrew B said...

I think you will find a number of people changing their name by deed poll to...

Common Good

ThankyouIamhereallweek :)

CityUnslicker said...

Sants is a right pony. I can't work out why Osborne who hates him gave him a break. he wrote to the FSA staff telling everyone to vote Labour on election day ffs.

Steven_L said...

Companies Act 2006 already requires driectors to 'have regard to'

"the impact of the company’s operations on the community and the environment,"

Utimately this is only enforceable by the members suing the directors.

I wonder how fund managers will sue BP directors based on this provision?

I reckon there's a good chance someone on either side of the pond will have a pop you know.