Arconic Paid Shareholders More Than Grenfell Fire Victims

An investigation by thinktank Common Wealth and financial investigations group FIND revealed that Arconic, the manufacturer of the flammable cladding used on Grenfell Tower, paid $74 million to shareholders for economic losses while paying only $43 million to the estates of fire victims and survivors. The report notes that nearly all of these payouts were covered by insurers.

The findings indicate that Arconic sold Reynobond PE globally for at least 20 years, yet the company provided no evidence of attempting to trace other installations of the material. In response to these disparities, Common Wealth and FIND are calling for stronger corporate accountability laws in England and Wales, specifically the introduction of punitive damages for corporate illegality resulting in death.

Arconic has denied wrongdoing, and the Metropolitan Police have not yet brought criminal charges. Grenfell United stated the findings demonstrate how legal systems allow responsible parties to evade accountability, describing the fire as a preventable disaster.