2027 will mark the tenth anniversary of the Grenfell Tower fire. After nearly a decade, the company whose cladding covered the building, Arconic, has yet to face any meaningful accountability.
Last week, we published a report on Arconic, corporate malpractice and the role of the law. In 2023, Arconic settled two claims linked to the fire — a shareholder case over misleading safety statements ($74 million) and a civil case with victims and survivors ($43 million). The vast majority of the compensation was paid out by insurers, with Arconic only compensating $2 million from its own finances.
The Reynobond PE used on Grenfell Tower was sold globally for at least 20 years prior to the fire and made up less than one per cent of Arconic’s annual sales at the time. Arconic hasn’t disclosed where the remaining 99 per cent of Reynobond is. Key individuals remain in senior positions at Arconic and in 2023, while settlements were being finalised, Arconic was acquired by Apollo Global Management for $5.2 billion.
“Most of all, it is a story of how those with power possess the authority to avoid accountability while those without power lack the leverage to make the unaccountable accountable”
The Observer Column
This is not a single story of corporate negligence, but rather one about the structural failures and what our legal system allows to be swept away. The Grenfell Tower disaster exposed how the structures that are meant to keep corporate power in check, can instead shield firms from facing true accountability and transparency demands.
Visit our website to read the full report including our recommendations.
Watch coverage of the report in ITV News and read in The Guardian and The Observer.