Victims received less compensation than shareholders in the company behind its flammable cladding. Parliament must make corporations pay for harm caused
There is something profoundly wrong when the company behind Grenfell Tower’s flammable cladding paid more compensation to its shareholders than to victims of the disaster. Of Arconic’s £86m in Grenfell-related settlements, all but £1.5m was covered by insurers. Hardly enough to make a multinational think again. The company whose product the inquiry found was the “primary cause” of the fire’s rapid spread has ended up paying only a fraction of the wider social cost, while the multibillion-pound bill for making hundreds of buildings safe falls largely on the state. In June 2017, 72 people – including 18 children – died in London’s Grenfell Tower fire. Almost a decade later, nobody has been criminally charged over its causes. It’s hard to conclude anything but that Britain’s system of corporate accountability is rotten.
A new report by the thinktank Common Wealth and the financial investigations group FIND suggests putting right this state of affairs in England and Wales by adopting two changes that parliament could enact quickly. The…
