PracticeConsultingTomkins prompted to sell flats and jets

Tomkins prompted to sell flats and jets

Tomkins plc has revealed it will sell off the company flats and jet aircraft which were at the centre of allegations of corporate excess at the UK conglomerate earlier this year.

The move follows a report by Big Five firm Ernst & Young which reviewed expenses and other items charged to the company and revealed ‘no inappropriate expense or other claims by any current director’.

Writing to shareholders, David Newlands, the new chairman of Tomkins, also said any remaining personnel not wholly engaged in the affairs of the company had been removed from the payroll.

Newlands added that the net result of these transactions ‘will have negligible financial effect on the company’.

But Newlands also said that the company had not reached a resolution with former chief Greg Hutchings regarding financial issues arising from his departure in September, and that the matters referred to by E&Y would be a factor in any discussions with him.

At the same time, Newlands said that a number of other steps had been taken to improve corporate governace at the company.

This included revising the terms of reference for both the audit and remuneration committees.

He also said that the role of chairman and chief executive would be split and that he would return to being non-executive chairman as soon as a new chief executive was appointed.

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