The absence of meaningful audit and corporate governance reform is undermining the UK’s economic growth potential.

Promised reforms are ‘essential’, says a signed letter co-ordinated by the Chartered Institute of Internal Auditors.

Poulter, formerly chief executive of Laura Ashley, will join the board of the homewares group with immediate effect.

Plans for resilience reporting regulations are scrapped in the volte-face, as is the requirement for an audit and assurance policy.

Currently senior independent non-executive director, Terrell will become non-executive chair of the travel group with effect from today.