Our Poll Reveals Biggest Corporate Governance Stories of 2017
Our latest poll in conjunction with the ICSA: The Governance Institute regarding key governance stories and events in 2017, was released today. The most pertinent issues highlighted by respondents (Senior Company Secretarial professionals) included…the Government’s Green Paper on corporate governance reform, revisions to the UK Corporate Governance Code and the implications of the BHS pensions ‘scandal’.
Other governance stories making the list included:
- The Hollywood, BBC and political scandals over abuse of power/sexual harassment
- Remuneration, including proposals to require listed companies to report the ratio of CEO pay against the average UK worker’s pay and gender pay issues
- Proposals to mandate large private companies to comply with governance code
- Board diversity
- The value of workers on boards
- Tesco balance sheet manipulation/Tesco auditors
- The LSE shareholder challenge.
Peter Swabey, policy and research Director at the ICSA commented that “2017 has seen a plethora of governance news, some of which has been largely positive, such as the Government’s pledge to reform corporate governance, and some of which has been far more negative, such as the stories of sexual harassment and abuse of power in Hollywood, Westminster and beyond. There is a clear need to create an environment where reports of this nature are taken seriously, and good governance is one way in which UK companies can help to enforce cultural change,”
“The general election result and the ongoing Brexit negotiations have pushed reform down the political agenda, but the recent launch of the Financial Reporting Council’s consultation on changes to the Corporate Governance Code is an ideal opportunity for people to refocus their minds, and help to create a better governance environment in which UK businesses can flourish. With Brexit looming, long-term success and sustainability will be inextricably linked to corporate culture and business integrity.”