The survey, by Legal Director , in association with City law firm Halliwell Landau, of 103 heads of in-house legal departments revealed as many as two-thirds feared a disaster on such a scale could indeed happen in the UK. This despite revealing that almost 70% now complied with the Turnbull code of corporate governance.
But only 15% said such an event was ‘likely’.
These views are in line with comments made by FSA chairman Howard Davies in February, when he warned that a ‘large and unpredicted corporate failure’ in the UK was possible.
So far, only Clara Furse, head of the London Stock Exchange has been the only high-profile British business representative to come out publicly and say Enron could not happen in Britain.
AT the IoD convention last month she said she could not envisage Enron happening in the UK, with its strict principles-based disclosure rules.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements