The following letter was in the FT this morning:
Sir,
The Parliamentary Commission on Banking Standards recently announced its intention to establish a panel to look into tax, audit and accounting issues. The panel is — among other things — considering whether the International Financial Reporting Standards contributed “to a box-ticking culture to the exclusion of promoting transparency and a true and fair view of the business”. As long-term investors, we welcome this panel.
Eric Tracey, Partner, Governance for Owners
Daniel Summerfield, Co-head Responsible Investment, USS Investment Management
Frank Curtiss, Head of Corporate Governance, RPMI Railpen
Robert Talbut, CIO, Royal London Asset Management
Iain Richards, Head of Governance and Responsible Investment, Threadneedle Investments
Roger Collinge, Head of Corporate Governance Group, UK Shareholders Association
Ian Greenwood, Chairman, Local Authority Pension Fund Forum
Mark Fawcett, CIO, National Employment Savings Trust
Mike Taylor, Chief Executive, London Pension Fund Authority
Abigail Herron, Corporate Governance Manager, The Co-operative Asset Management
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If they really want to eradicate the box ticking culture they need to reinstate personal liability for auditors
Oh yes