Large private businesses will be obliged to report on responsibility and their impact upon employees and the wider world, under the government’s follow-up on its green paper.
Greg Clark. Photo: Shutterstock
Large non-listed companies in the UK will have to report on how they take into account the interests of employees, shareholders and the environment in which they operate, in what will be the biggest overhaul of the corporate governance regime in recent years.
The government has set out a number of key updates that it wants enshrined in either the UK Corporate Governance Code or in new legislation, following up on its governance green paper from the end of 2016.
The green paper’s earlier stance on holding back from proposing compulsory employee representatives on boards has been maintained. Business secretary Greg Clark (pictured) ha
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
MPs investigating the collapse of Carillion have levelled scathing criticism at the former finance director, the board, auditors and regulators, calling for the referral of Big Four auditors to the Competition and Markets Authority.