The Scotsman: FSA chief hits right note on investor responsibility
“In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors.”
SCRUTINEER
MARTIN FLANAGAN
CITY EDITOR
Posted 11 Sep 2004
THE comments of the head of Britain’s financial regulator about who should suffer from financial penalties for corporate wrong-doing – companies and shareholders or the errant directors themselves – is timely.
In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors.
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