A fund manager discharged his Kingspan stake due to corporate governance concerns in the wake of Grenfell Tower Inquiry. WHEB, which calls itself a “positive impact investor” in low-carbon areas of the economy, has held shares in the materials company since May 2014. It said the Grenfell Tower Inquiry raised concerns about the company and appeared to show a “culture of looking at regulation in the UK” As a barrier to doing business. ” The authority had a 0.11 percent stake in the company at the end of February, when it sold its stake. Recent minutes from its investment committee meeting show that investors have concluded: “We do not believe Kingspan was in any way responsible for the Grenfell Tower fire. However, we believe the culture within UK business has enabled – and even encouraged. – A position that prioritizes commercial advantage over product safety. ” The investigation witnessed a number of allegations leveled against the company, including that it misled MPs by using fake pressure safety tests on whether combustible materials should be banned. The company insists it has been highlighting the fact that building systems containing non-combustible materials can remain unsafe. I also heard evidence that the development manager said that a consultant who had raised concerns about the flammability of his products could “navigate himself” in an internal email. Philip Heath apologized for his comments. WHEB praised recent moves to reform Kingspan’s governance, but questioned the appointment of CEO Gene Murtagh’s brother Paul as non-executive director in February as a “missed opportunity to make appointments to the board that provides the clearest possible indication of independent governance”. Kingspan declined to comment, saying it had not commented on individual shareholders. In February, CEO Jane Mortag said: “The unacceptable behavior and shortcomings of the historical process, which involves a small number of employees in the insulation board business in the UK, do not reflect the high standards of integrity and safety that are the core Kingspan values, in which we so firmly believe. People. ”We have already implemented many important changes that demonstrate our commitment to product compliance and good governance. Our goals are clear: to ensure that safety takes precedence over all other considerations and to ensure that this never happens again. ”
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