U.K. Lawmakers Urge More Reporting Rules for Large Private Firms

by Dramelin 10:30 PM 0 comments

The failure cost 11,000 jobs and threatened the pensions of more than 20,000 former employees. It had been sold the previous year by billionaire Philip Green for a pound. In a report published Sunday, the House of Commons Work and Pensions Committee said the practice standards expected of listed firms should apply to any company with more than 5,000 defined benefit pension-plan members. Large private companies should have to meet the same corporate governance and reporting requirements that apply to publicly traded firms, a panel of lawmakers recommended, citing the collapse of the department-store chain BHS Group Ltd.BHS, formerly known as British Home Stores, went out of business in April 2016 with a pension deficit of at least 570 million pounds ($710 million). Keep up with the best of Bloomberg Politics.