In knighthood news

Your lady here is sort of suggesting here I should remember about a board meeting in 20-whatever it was…

– (Sir) Philip Green, evidence to the parliamentary committee inquiry into the collapse of BHS, last month

Sir Philip told us that he had no involvement in the pension schemes before 2012. He suggested the trustees had made “stupid, stupid, idiotic mistakes” and were “asleep at the wheel” of the pension schemes, given he would have been willing to offer much larger contributions earlier had he been aware of the growing deficit. Sir Philip, however, made repeated representations to the trustees on their investment strategy between 2002 and 2008. His trusted senior finance directors Paul Coackley and Paul Budge were in even more regular contact with the trustees. Sir Philip also investigated the possibility of an insurance company buy-out of the schemes on multiple occasions during that period. The board of Taveta considered regularly and in detail the 2009 valuation of the BHS pension scheme, including the size of the deficit, the level of contributions and the withholding of security. Sir Philip Green was present at those meetings. The BHS company accounts, for which as a director he was responsible, included information on the pension deficit in each year…

…We reject any assertion that Sir Philip was not aware of the growth of the deficit: he had a responsibility to be aware and he was aware. That there is a massive deficit is ultimately Sir Philip Green’s responsibility.

– From the inquiry’s full report, released on Monday.

And if you’re wondering how the honours forfeiture process works — here’s a handy guide.

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