Dublin, 3 June 2016 – Speaking at the annual conference in Dublin of ICSA: The Governance Institute on 24 May, former Clerys plc’s chief executive PJ Timmins agreed with Taoiseach Enda Kenny’s description of Clerys’ treatment of workers as ‘grossly insensitive and appalling’ and questioned the morality of separating assets and liabilities. While legally right, what took place at the former jewel in Ireland’s department store crown was morally and ethically wrong according to Mr Timmins.
“Trade is built on trust and you cannot legislate for reputation,” says Mr Timmins, now Managing Director of The Alternative Board, addressing a packed gathering of corporate governance professionals at the Ballsbridge Hotel.
Speaking about Nessa Cahill and Kevin Duffy’s report focussing on the protection of employee interests when assets are separated from the operating entity, Mr Timmins said that this raises questions about what happens to creditors. He also queried whether a company that is insolvent and negotiating to survive would have the capacity to enter into consultation with employees.
Highlighting the importance of good corporate governance to Irish business in general, Mr Timmins said that performance management and culture management require a closer look if corporate governance is to flourish.
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Notes to Editors: