British businesses need to manage their reputations better after the recent problems at BHS and Sports Direct, according to the Confederation of British Industry.
CBI Director General Carolyn Fairbairn told the British Private Equity and Venture Capital Association conference in London: “We know there have been some real mistakes made, and I think we can all name some individuals recently, you know, when you see the story of BHS or we see what’s happened at Sports Direct. I think we all can say that’s not what businesses stand for.”
Sports Direct came under fire for working conditions at its factory and its corporate governance practices while former BHS owner Sir Philip Green has been criticised for taking more than £400 million in dividends from the now collapsed high street retailer.
Fairbairn continued: “We are going to have to see some changes in the way businesses talk about themselves. We need to get better at telling the positive story.”
