Parliamentary report on Carillion

posted on 16 May 2018, updated on 16 May 2018

A Parliamentary report released today attributes Carillion's collapse to “recklessness, hubris and greed” among directors. It also criticises the government, accountants and regulators. 

The report's summary identifies the following major failings:

  • Its business model was a relentless dash for cash, driven by acquisitions, rising debt, expansion into new markets and exploitation of suppliers.
  • It presented accounts that misrepresented the reality of the business, and increased its dividend every year.
  • Long-term obligations, such as adequately funding its pension schemes, were treated with contempt.
  • Even as the company very publicly began to unravel, the board was concerned with increasing and protecting generous executive bonuses.

For more information and to access the report go to

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