Boohoo factory saga ‘one of the worst ESG scandals’ in UK history, Leicester MP says November 18, 2020 The discovery of poor working conditions in Boohoo’s Leicester supply chain has been branded “one of the worst environmental, social and corporate governance (ESG) scandals in modern UK history”, by one of the city’s MPs. Liz Kendall, the MP for Leicester West, today again called on Boohoo’s executive chairman Mahmud Kamani and chief executive John [...]
Tesco, M&S and Sainsbury’s face allegations of worker exploitation in India November 17, 2020 UK retailers including Marks & Spencer (M&S), Tesco and Sainsbury’s are facing calls to apologise following allegations of worker exploitation in their supply chains. Supermarket supplier workers in India reportedly said they do not get toilet breaks or sufficient breaks to drink water or eat lunch. One member of staff told the BBC they were [...]
Boohoo and Nike grilled over supply chain links to slave labour in China November 5, 2020 MPs this morning grilled fashion firms, including Boohoo and Nike, over potential supply chain links to slave labour and exploitation in China. The retailers’ sourcing and sustainability bosses were today called in to give evidence to the Business Select Committee, as part of an investigation into the extent to which the products of forced labour [...]
MPs demand update on audit reform progress from business secretary October 21, 2020 An influential committee of MPs has written to business secretary Alok Sharma to demand an update on the government’s progress implementing audit reforms following a series of high-profile accounting scandals. In a letter dated yesterday, Business Energy and Industrial Strategy (BEIS) committee chair Darren Jones asked Sharma to outline which reforms recommended by two recent [...]
Accounting watchdog floats strengthening auditors’ obligation to spot fraud October 21, 2020 The UK’s accounting regulator has proposed increasing the requirements on auditors to detect fraud in company accounts following a spate of high-profile accounting scandals. The Financial Reporting Council (FRC) has launched a review into the international accounting standard outlining auditors’ responsibilities to identify fraud. The watchdog is proposing revisions to the standard to provide “increased [...]
Boohoo takes £775m hit as auditor stands down October 20, 2020 Boohoo saw almost £775m wiped off its market value yesterday after the beleaguered fast fashion retailer said PwC was stepping down as auditor. Boohoo’s announcement that it was running a tender for a new auditor and that PwC would not take part in the process spooked investors, sending shares down 20 per cent to 254p [...]
Boohoo kicks off search for new auditor as PwC steps down October 19, 2020 Controversial fast fashion retailer Boohoo (BOO) has launched a search for a new auditor, with PwC stepping down in the wake of a report into abuses in the clothes company’s supply chain. Boohoo said in a statement that it had “recently launched a competitive tender process for the group’s audit”. It said that PwC – [...]
The end to modern slavery has its roots in the everyday changes October 18, 2020 Today is UK Anti-Slavery Day: a time to acknowledge the scale of this horrific crime and, perhaps most importantly, to deepen our resolve to fight against modern slavery, human trafficking, and human rights violations. Modern slavery is a hidden crime with an estimated 100,000 victims in this country alone. It touches the clothes we buy, [...]
H&M, Amazon and Boohoo among retailers to be quizzed by MPs over Uyghur slave labour links October 16, 2020 The bosses of retail giants including H&M, Amazon and Boohoo have been summoned to give evidence to a committee of MPs investigating the use of slave labour in the supply chains of UK companies. The Business, Energy and Industrial Strategy (Beis) committee is probing the extent to which businesses in the UK are exploiting the [...]
How to restore trust in a digitalised society October 15, 2020 Before the ascent of the internet, trust was earned through local reputation. A network of family, friends and neighbours determined which organisations could be relied upon by word of mouth. Someone would confide that a car dealer had let them down and was not to be trusted, shifting business elsewhere. Every parent was quickly made [...]