Britain to Shake Up How Companies Are Run and Audited

Britain to Shake Up How Companies Are Run and Audited
A combination of file pictures shows logos of Price Waterhouse Coopers, Deloitte, KPMG, and Ernst & Young. Reuters/File Photos
Reuters
Updated:

LONDON—Britain proposed weakening the market grip of “Big Four” auditors on Thursday and making company directors responsible for spotting fraud after the collapses of retailer BHS and builder Carillion.

Directors would have to repay bonuses if their company went bust or serious failings came to light, and dividends and bonuses would have to be stopped if firms didn’t have enough cash—a lesson from the Carillion collapse.