Tomorrow's Business Today
A cloud of suspicion at the Pru
Prudential isn’t an obvious source of humour, but the giant insurer did give us a chuckle today, even if James Turner isn’t laughing.
He is promptly out of the business following an unspecified breach of an internal Code of Conduct that requires “the highest professional standards”.
Who is Turner? Some poor exec who has fallen foul of increasingly ridiculous corporate governance laws that no human can truly be expected to keep up with?
No, he was the chief financial officer at the £30 billion company, following a stint as chief risk and compliance officer. Before that he was deputy head of compliance at Barclays, which perhaps should have been a clue.
Barclays is where you go to learn how to fall foul of regulations.
The point is Turner wasn’t some naive neophyte, struggling with corporate strictures. It was literally his job to enforce the rules of which he is in breach.
Which suggests to me that further explanation should be forthcoming, if only from a PR perspective.
The Pru would only say that there was an issue “relating to a recent recruitment situation”.
We can speculate what that means, but on its face it doesn’t sound that serious. Certainly not compared to recent corporate embarrassments.
The PR folk were highly constrained in what they could say, and there may be legal wranglings in the background.
(The Pru won’t even name the external law firm brought into investigate.)
Still, the statement is lengthy. The company isn’t messing about here.
One wonders if Mr Turner wouldn’t rather it had been a bit more explicit, lest the cloud of suspicion over him is rather darker than it need be.
Perhaps the Pru couldn’t win here. But sometimes it must be better to say more than less.
Press release of the day
An attempt by the CBI to get off the canvas and come out swinging today.
It can still have a future and speak effectively for business, despite the misconduct allegations that have led some to call for its extinction.
Firms are “clear they still want and need a strong, collective, national voice of business with a General Election expected in 2024”.
Stories that will keep rolling
1) Why is inflation so much lower in the eurozone?
2) Is there another cut in profit forecasts from Dr Martens?
3) Is Auto Trader treating its suppliers fairly?
4) Shouldn’t we finally outlaw the carried interest loophole?
