Minutes of the doomed boardroom show Morgan Stanley was fired after failing to back rights issue
You can’t argue with boardroom minutes. They’re the definitive summary of who said what. They are compiled by the company secretary, or stand-in, with all directors given the opportunity to check for accuracy afterwards. And what do minutes of Carillion’s board meeting on 5 July last year show? Self-delusion on a scale that, outside the banking sector circa 2008, would be hard to believe at a public company employing tens of thousands of workers.
Of all the pieces of evidence unearthed by the two select committees of MPs, these minutes may be the most damning. The scene was the board’s receipt of the devastating news that Morgan Stanley, the company’s joint corporate broker, was no longer prepared to underwrite a cash-raising rights issue that had been under preparation since May.
Continue reading...from The Guardian http://ift.tt/2EZ3AYF
0 comments:
Post a Comment