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Deepwater Horizon: Everyone loses out when corporate governance falls by the wayside

A new film to be released later this month (September 2016) shows what disasters take place when companies put shareholders first.

12th September 2016

“An ordinary day ended as the biggest manmade ecological disaster in history,” says one of the taglines.

Trailers for the new disaster movie Deepwater Horizon, based on the April 2010 disaster, which will be released later this month, quickly shift from sickly sweet family scenes of Mark Wahlberg bidding farewell to his wife and daughter as he goes off to work on a huge oil drilling in the Gulf of Mexico to a desperate fight for survival, as panicked workers scramble to escape the burning oil rig.

The Hollywood marketeers are right with their tagline. It was a global disaster with far-reaching human and environmental consequences. Eleven people were killed and about 4.9m barrels of crude oil leaked into the Gulf in the worst spill in US history.

The story of Deepwater Horizon is also “tragedy on an epic scale” for BP, which operated the rig, according to the US corporate governance expert Lynn Stout. The oil company was later found to have been grossly negligent in its handling of the well and has faced billions of dollars in penalties.

 

Source: The Guardian

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