Arconic, the US firm that manufactured the combustible cladding used on Grenfell Tower, has paid its shareholders more in compensation than it has paid to the victims of the 2017 fire, according to a new report. The disclosure has intensified criticism of the company's handling of its responsibilities in the aftermath of the disaster, which claimed 72 lives.
Shareholder payments outweigh victim compensation
The report, published by the campaign group Grenfell United, which represents survivors and bereaved families, found that Arconic has returned over £1 billion to shareholders through dividends and share buybacks since the fire. In contrast, the company has paid out only a fraction of that amount to the victims and their families, with the total compensation package reportedly standing at around £200 million.
The figures were compiled from Arconic's public financial disclosures and legal settlements. Grenfell United said the disparity was "a scandal" and called on the company to "do the right thing" by prioritising victim compensation over shareholder returns.
Arconic's role in the Grenfell disaster
Arconic supplied the Reynobond PE panels used on the outside of Grenfell Tower. The panels, which have a polyethylene core, are widely considered to have been a key factor in the rapid spread of the fire. The company has faced legal action from victims' families and has been criticised for continuing to sell the product in markets where it was not banned.
In a statement, Arconic said it had "deep sympathy for all those affected by the Grenfell tragedy" and that it had "cooperated fully with the public inquiry". However, the company did not comment on the specific figures in the Grenfell United report.
Ongoing fight for justice
The Grenfell United report comes as the public inquiry into the fire prepares to publish its final report later this year. The inquiry has already heard evidence that the cladding was installed despite warnings about its fire safety risks. Victims' families have said they will continue to campaign for justice and for changes to building regulations to prevent a similar disaster.
The report also highlights the broader issue of corporate accountability in the construction industry, with Grenfell United urging the government to introduce tougher sanctions for companies that put profit before safety. The group has called for a "Grenfell law" that would make company directors personally liable for safety failures.
