It has been a difficult couple of years for retail giant Tesco, but at least one of its former senior executives can breathe a sigh of relief.

The United Kingdom’s corporate governance regulator, the Financial Reporting Council (FRC), closed its investigation into Tesco’s former chief financial officer Laurie McIlwee on 31 August, saying that it did not have a “realistic prospect that a tribunal would make an adverse finding” in relation to his professional conduct.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...