UK PM May concerned by lawmakers' damning report on BHS

[LONDON] A damning report by British lawmakers on the role of retail tycoon Philip Green in the demise of department store chain BHS is "clearly concerning", a spokeswoman for Prime Minister Theresa May said on Monday.

The report by Parliament's Work and Pensions and Business Committees said Mr Green's greed and disregard for corporate governance led to the collapse of BHS and the loss of 11,000 jobs, calling the failure of the British stores group "the unacceptable face of capitalism."

The report represents a test for Ms May who promised on taking office this month to crack down on irresponsible corporate behaviour.

"The prime minister has already set out that we need to tackle corporate irresponsibility, reform capitalism so that it works for everyone not just the privileged few. That means in the long run doing more to prevent irresponsible and reckless behaviour," Ms May's spokeswoman said.

"The prime minister's focus goes broader than one individual or one issue. She is determined that we tackle corporate irresponsibility across the board."

The report increases pressure for Mr Green's 2006 knighthood for services to retail to be revoked. The government said on Saturday the honour was under review.

"That is a decision for the Honours Forfeiture Committee," said Ms May's spokeswoman.

"That is an independent committee and she respects that. It is for them to look at it," she added.

REUTERS