Wednesday, 4 May 2011

Generali not the only one this month...

After blogging on the travesty of interlinked, self-interested vainglorious boards that mock the very concept of decent corporate governance, it is only fair to throw one in with a UK flavour.

What is most breathtaking about the 3 year cavalcade of incompetence, greed and ineffectiveness that lead to over 3,000 old guys and girls almost "losing the farm", is not that Compliance flagged the sales as unsuitable (they are paid to be suspicious); not even that their report never made it to the agenda of the main board (who pay lieutenants to execute their obligations day to day). It is the overwhelming lack of desire to be publicly sorry for it, which maybe takes us away from regulations and principles into ethics, and of course we can't legislate for that...

Keydata is one of the best case studies around for Solvency II, and indeed general corporate governance project workers, so have a look round on Google - at almost every step you will think "that's where they will stop it"!

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