Network Rail governance shake-up urged
Influential member urges corporate governance overhaul at railway maintainance company after New Year's chaos
Influential member urges corporate governance overhaul at railway maintainance company after New Year's chaos
Network Rail could undergo a governance overhaul if sweeping proposals get
the go-ahead.
Lord Berkeley, one of the 118 members of the privately-owned company issued a
letter calling on his peers to force through a corporate governance revamp after
rail services were crippled at the start of the year as engineering works
finished late.
In the letter, Lord Berkeley said: ‘If NR were structured like most private
sector companies, its shareholders might have something to say.’
Although the 118 members of the not-for-profit business have powers to remove
executives and reject annual accounts, they are elected by the company itself.
Lord Berkeley added: ‘In other words, one can argue that there is a
democratic deficit in the corporate governance structure of NR.’
Network Rail told
The
Times that it had a ‘vigorous selection process in place to ensure the
highest calibre people become members.’
Further reading:
Corporate
governance: Tall story
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleFrom battling underground invoice frauds in China to navigating bribery risks in the Middle East, Mazars' Nigel Layton shares essential insights on co...
View articleAccording to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...
View articleBy switching the focus from ‘profit made for investors’ to ‘value created for all’, accountants can find ways to quantify and evaluate the impact of a...
View articleThe proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...
View articleThe first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...
View articleBusinesses must adopt a healthy corporate culture or risk legal and business consequences Read More...
View articleDuring a conversation with Accountancy Age, Mazars partner Bob Neate breaks down the draft audit reform bill, warning of a potential capacity issue fo...
View articleThe FRC and major audit firms have criticised the UK government’s watered-down proposals Read More...
View article