Addressing a gathering of bankers, insurers and lawyers at the Athenaeum Club yesterday, Tilly said: ‘Trust depends on transparency and transparency is becoming a matter of survival rather than choice.’
Speaking under the banner of ‘A question of trust’ at mi2g Intelligence Unit meeting he added that transparency had to be ‘underpinned by accountability and integrity’.
At the same time he voiced CIMA’s support for developing a mandatory Operating and Financial Review.
Tilly also called for more power to independent directors on company boards to ‘counterbalance’ the influence of company directors.
And as it emerged that White Paper on modernising company law proposes two year jail sentences for dishonest company directors, Tilly said company statements that did not disclose actual risks were ‘meaningless’.
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