fb

This is how not to be a chairman.

This is how not to be a chairman.

Here’s a question for you – if you’re the chairman of one of the leading banks in the UK and that bank holds itself out to be the “ethical” bank what should you do?

Should you fully take on the responsibility of being the chairman and lead the business forward?

Alternatively, should you buy crack cocaine and crystal meth drugs?

Mr Paul Flowers who used to be the chairman of the Co-Operative Bank was recently filmed buying these hard drugs.

Those of you that are studying finance or business will know that the role of the chairman would typically involve ensuring that the board of directors is effective in its task of setting and implementing the company’s direction. You certainly won’t find buying crack cocaine in any job description for a chairman!

Questions will no doubt be asked as to how 63 year old Mr Flowers managed to get the position of the chairman of such a prestigious bank. He had limited experience in the banking sector and his knowledge of the Co-Operative Bank itself seemed way below what a chairman would be expected to know.

Earlier this month he attended a meeting of the Treasury Select Committee and told the committee that the bank’s balance sheet had £3 billion of assets. The bank did in fact have £47 billion of assets. The chairman of the bank was only wrong by a “mere” £44 billion!

It’s unclear whether or not he was on drugs at the time he gave his answer.

Share this entry

Recent articles

View All Articles
You or your boss?
Jun 13, 2024
Title
You or your boss?
Excerpt

So, should you do it or should your boss do it? I’m talking about making decisions and the […]

A takeaway or a fakeaway?
Jun 06, 2024
Title
A takeaway or a fakeaway?
Excerpt

In the final run up to your professional exams it’s often a case of cramming your final revision […]

Peloton’s ride from pandemic peak to rental rebounds
May 30, 2024
Title
Peloton’s ride from pandemic peak to rental rebounds
Excerpt

Whilst home exercise bikes can be a great way to get fit, a lot of people who buy […]

Big 4 under the spotlight…
May 22, 2024
Title
Big 4 under the spotlight…
Excerpt

Recent findings have shown that Britain’s audit firms did not raise alarms for three-quarters of the major companies […]

Better than the professionals?
May 13, 2024
Title
Better than the professionals?
Excerpt

The landscape of investing is evolving, with the rise of retail, or “do-it-yourself” (DIY) investors who are achieving […]

Don’t get angry over anger management
May 07, 2024
Title
Don’t get angry over anger management
Excerpt

Have you ever been angry at work? If you have then you are not alone. The latest Global […]

Cows or dogs in your portfolio?
May 01, 2024
Title
Cows or dogs in your portfolio?
Excerpt

As well as being included in ACCA, CIMA and CMA (USA) exam questions over the years, the Boston […]

KPMG unlocks previously locked up talent.
Apr 30, 2024
Title
KPMG unlocks previously locked up talent.
Excerpt

KPMG, one of the Big Four accounting firms, has recently announced its commitment to expanding its hiring of […]