The vote to leave the European Union has helped make it more important for UK companies to focus on their corporate cultures as part of restoring trust and building confidence, according to the head of the country’s governance watchdog.
Speaking at a conference on corporate culture today, Sir Win Bischoff, chairman of the Financial Reporting Council (FRC), will emphasise the need for a wake-up call on culture.
The speech comes after prime minister Theresa May made an overhaul of UK governance a stated aim of her new government. Earlier this year the FRC published a report on culture in UK companies providing observations for debate rather than guidance on how to manage culture.
“The prime minister has been outspoken about her government’s plan for business reform. In the light of Brexit, restoring trust and building confidence is even more imperative for our prosperity and wellbeing,” Sir Win will say.
“We need a concerted effort to improve the integrity of business and its connectivity to society. There simply has to be increased focus on company culture.
“When there is a healthy culture, the systems, procedures, and the overall functioning and mutual support of an organisation exist in harmony. This will lead to enhanced integrity, confidence, long-term success and ultimately trust.”