As the FT notes:
CDC Group, the state-owned private equity investor in emerging markets, faces an overhaul of its structure, strategy and executive pay under plans to be announced by the government.
Founded as the Colonial Development Corporation in 1948, the £2.5bn taxpayer-funded development finance group has struggled to combine objectives of reducing world poverty while making profits.
The later is an understatement.
But the FT gets the causation of reform completely wrong when they say:
The shake-up follows criticism of the group in the UK tabloid press over the pay and expenses of its top executives.
This reform is due to the tireless work of Richard Brooks at Private Eye and to civil society campaigners all over Europe.
I hope the shake up does something more: I hope it results in adoption of the Code of Conduct I recently proposed CDC should subscribe to, available here.
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I do hope that someone manages to get something published in FT to show how wrong they are to laud the tabloids – a very strange thing to do. I’ve been reading about this in Private Eye for years but it only started to hit the Street of Shame this year. This makes me so angry.
I simply cannot understand the establishment media tradition that maintains that something that has appeared in Private Eye (which all he establishment reads) has no existence until it has been taken up (or ripped off) by another part of Fleet Street. It’s not just the FT that does this, it’s the Grauniad, the Beeb, everyone.
@Strategist
Agreed