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Elisa Turullols Ambassador of Assurance

Elisa Turullols

Ambassador of Assurance

 Integrity  

Professionalism  

Humanity 

 

 Business Partner, Corporate Governance and Finance Senior Executive with over 20 years experience at Board level and internationally gained in Deloitte, blue chip and PE backed companies.

Welcome to my blog

“Welcome to my blog. The idea of this blog started when I was looking for a forum where I could share all my views and opinions about the ever-increasing and never-ending shocking events in the corporate and business world that makes us question the reliance placed in the information received.

This blog aims to welcome discussions, opinions, points of view, suggestions, recommendations in an environment where a spade is called a spade.

Through my experience I have helped highlight significant issues and implement solutions to mitigate their impact. This experience has constantly demonstrated that hiding the issue under the carpet is the worst decision. Once there it can only grow until it explodes in front of everybody’s noses.

Is there a solution to this? Yes, there is, at least, a solution for every single issue. It may require some effort but there is a solution.”

Elisa Turullols.

María Elisa Turullols

Strategy execution problems

It is critical that the set of activities decided to execute the strategy take the company in a consistent direction.I agree that when the senior executives have stretched profit targets compatibility problems appear in areas involving costs (e.g.: maintenance). If the company is one whose assets are key to deliver the activity (e.g.: airlines, car rental, lifts rental…) there will clearly be a compatibility problem between the senior executives targets on profits and the company’s activity via its assets. By establishing short-term performance measures that are not linked to value creation (increasing profits does not necessarily means creating value) the ground for compatibility problems is set.senior executives focus on short-term measures to get their bonuses. Complacency and lack of ethics are at the very bottom of many scandals and compatibility problems. I hope that Mrs May words (“get tough on irresponsible behaviour in big business” do end up in clear actions.

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Senior executives incompetence

Despite their incompetence, their six-seven figures salaries keep on growing.

I do no think an incompetent senior executive is kept on the role in a simplistic way. The senior executive is kept in his/her role because he/she is of some interest to the company. His/her incompetence may not be the reason why….so? what is it? I have seen cases where the senior executive was covering up a company’s wrongdoing.
Many corporate scandals have been unveiled by whistleblowers
Many of them suffered retaliation. Few of them were properly rewarded…..a smear campaign against the whistleblower starts as soon as the whistleblower uncovers any wrongdoing

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Vive la France! And their Labour Tribunals!

Société Générale was ordered to pay unfair dismissal award to his former employee, Jérôme Kerviel, who caused the French bank significant losses in trading.
The Tribunal agreed with Mr. Kerviel’s argument that his risky trades were accepted, tolerated and even “tacitly” encouraged by his managers provided they were profitable.
Mr. Kerviel was not alone on this, so all the additional parties involved (i.e.: his line managers, the internal auditors and compliance department) should be brought in front of Justice and compensate the bank and its shareholders.
Regulators are also benefited, as this judgment opens the scope of the fraud and corruption cases, due to lack of controls or control weaknesses, to senior management, in particular when the lack of controls has been due to a corporate decision.
Moreover, politicians should think twice who in the corporate world they deal with, as campaigning for good governance and dealing with senior executives linked directly or indirectly to fraud or corruption (or just conscious poor governance) may* be perceived as antagonistic.

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Through my experience I have helped highlight significant issues and implement solutions to mitigate their impact. This experience has constantly demonstrated that hiding the issue under the carpet is the worst decision. Once there it can only grow until it explodes in front of everybody’s noses.

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