MPs vote to strip Sir Philip Green of his knighthood
MPs have voted to strip Sir Philip Green of his knighthood.
MPs have been debating the collapse of BHS in the House of Commons. The amendment to take Green's knighthood was supported by over 110 MPs. The vote is not binding, and the ultimate decision over his knighthood will be taken by the honours forfeiture committee.
Read more: Administrators submit findings on ex-BHS directors to Insolvency Service
Green was described as a "corporate bandit" and criticised for not "sorting" the BHS pension scheme earlier. Green promised on 15 June to save BHS pensioners from having their pensions reduced due to the collapse of the high street store.
Green declined to comment.
Conservative MP Richard Graham said:
What has happened in the four months since?
The public want to know when this is going to be resolved. They are worried that nothing will really happen and that an important, powerful man will not be held to account.
Labour MP Frank Field, chair of the work and pensions select committee responded to threats from Green to take him to court, saying: "I long to be in court to have a trial by jury."
Field claimed Green sold 25 per cent of TopShop because he couldn't refinance a £2bn-£3bn debt. He also compared Green to Napoleon, saying nothing happened at BHS and Arcadia without his seal of approval, adding: "He is a very successful and traditional asset stripper."
Conservative MP Richard Fuller said: “The force of market economies helps everyone.
"But this assumes that when times are tough, when push comes to shove, that people will not just do what it the legal thing, but do what is the right thing.
"Were the actions of Sir Philip Green honourable? That is pertinent because he received his honour for services to retail."
Read more: Sir Philip Green hires top lawyer to scrutinise MPs' inquiry into BHS
Iain Wright MP said Lord Grabiner, chairman of Taveta Investments, which owned BHS, was "truly hopeless".
The corporate governance of private companies came under scrutiny during the debate.
Jeremy Quin, Conservative MP, said the governance around the sale of BHS was "lax".
"I am concerned in this context about checks and balances," Quin said. "The ownership should be transparent as should good corporate governance."
The business select committee will be undertaking an inquiry into corporate governance.