Corporate governance has entered the UK general election debate after the Labour Party said that it was a target for reform.

Rebecca Long-Bailey, the Labour Party’s shadow business secretary, is quoted by the BBC as saying that reform would be aimed at “short-termism”.

“Scandals like BHS show how the long-term growth of a company, and the welfare of its workers, can be sacrificed for short-term gain.

“Labour will tackle the short-termism of some [companies] by reforming corporate governance.

“We will support long-term investment and productivity growth to ensure that businesses work for the many, rather than the short-term interests of the few.”

Companies can also expect corporation tax to rise under Labour.

Meanwhile, Vince Cable, the former Liberal Democrat business secretary who standing in the general election, said that his party called for employee engagement in companies and more disclosure of remuneration.

“The Liberal Democrats are calling for more employee engagement, fair contracts and transparency over pay. When we get the balance right, everybody wins,” he said.