COMMONS

Former CEOs appear before Business Committee Thomas Cook inquiry

18 October 2019

Next week, the Business, Energy and Industrial Strategy (BEIS) Committee continues its inquiry into Thomas Cook with two evidence sessions.

The Committee has also today published written evidence received from the Institute of Directors, the British Airline Pilots Association (BALPA) and Pensions & Investment Research Consultants Ltd (PIRC).

On Wednesday morning, the Committee will question witnesses including former CEOs Harriet Green and Manny Fontenla-Novoa [full witness panel line-up included below]. 

On Tuesday morning, the BEIS Committee will question Thomas Cook former auditors EY and PwC and also hear from witnesses including TSSA General Secretary Manuel Cortes about the impact of the collapse of the business on workers and consumers. 

On Wednesday, the Committee will also question the Financial Reporting Council and the Insolvency Service. Former Thomas Cook CFO Bill Scott will appear on the same panel as former CEOs Harriet Green and Manny Fontenla-Novoa. 

The BEIS Committee’s inquiry is focussing on issues around the stewardship of the company, executive remuneration, accounting practices and the role of auditors.   

Witnesses  

At 9.15am

Tuesday 22nd October, Wilson Room, Portcullis House 

Panel 1 

  • Hemione Hudson, Head of Audit, PwC,  
  • Paul Cragg, Audit Partner, PwC,  
  •  Christabel Cowling, Head of Regulatory and Public Policy, EY  
  • Richard Wilson, Audit Partner, EY  

Panel 2 (around 10.15am) 

  • Martin McTague, Policy Director, FSB,  
  • Manuel Cortes, General Secretary, TSSA,  
  • Diana Holland, Assistant General Secretary, Unite, and 
  • Richard Piggin, Head of External Affairs, Which?  

Wednesday 23rd October, Thatcher Room, Portcullis House 

Panel 1 (at 10am) 

  • Dean Beale, Chief Executive Officer, Insolvency Service 
  • Elizabeth Barrett, Executive Counsel and Director of Enforcement, Financial Reporting Council (FRC) 
  • David Rule, Executive Director of Supervision (FRC) 

Panel 2 (around 10.45am) 

  • Manny Fontenla-Novoa, former Thomas Cook CEO 
  • Harriet Green, former Thomas Cook CEO 
  • Bill Scott, former Thomas Cook CFO 

Thomas Cook inquiry - terms of reference 

  • The management, governance and stewardship of Thomas Cook Group plc; 
  • The remuneration policy and practice of Thomas Cook Group plc; 
  • The accounting practices of Thomas Cook Group plc and the audits conducted by PwC and EY; 
  • The role of regulators such as the Financial Reporting Council and Insolvency Service following Thomas Cook Group plc’s collapse; 
  • The impact of the collapse of Thomas Cook Group plc on small businesses and suppliers, and the support available 

On 15th October, the BEIS Committee took evidence from Peter Fankhauser, former Thomas Cook CEO, Frank Meysman, former Chairman, Sten Daugaard, former Chief Financial Officer, Martine Verluyten, former Chair of Audit Committee, Warren Tucker, former Chair of Remuneration Committee. 

Further information

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