Scope of the inquiry
The management and governance of Carillion, its sponsorship of its pension funds, and the implications for company and pension scheme law, regulation and policy.
The Work and Pensions and BEIS Committees have launched a new joint inquiry into the collapse of Carillion, leaving a mountain of debt, potential job losses in the thousands, a giant pension deficit and hundreds of millions of pounds of unfinished public contracts with vast on-going costs to the UK taxpayer. The Committees will be investigating how a company that was signed off by KPMG as a going concern in Spring 2017 could crash into liquidation with a reported £5bn of liabilities and just £29 million left in cash less than a year later.
This inquiry will build on the Work & Pensions Committee's inquiry into defined benefit pension schemes and the BEIS Committee's work on corporate governance.
The Members of each Committee who will be conducting this inquiry are as follows:
Work and Pensions Committee: Frank Field – Co-Chair (Labour), Heidi Allen (Conservative), Andrew Bowie (Conservative), Ruth George (Labour), Chris Stephens (Scottish National Party)BEIS Committee
: Rachel Reeves MP (Co-Chair) (Labour), Stephen Kerr MP (Conservative), Peter Kyle MP (Labour), Rachel Maclean MP (Conservative), Antoinette Sandbach MP (Conservative)