One of Britain’s biggest assets in competing in the
global economy is our deserved reputation for being a dependable and confident
place in which to do business.
Our legal system, our framework of company law and our
standards of corporate governance have long been admired around the world.
During the last few years there have been a number of
proposals – including from organisations representing business – to update our
corporate governance framework.
This Green Paper seeks views on three areas where we
want to consider options for updating our corporate governance framework:
• First, on shareholder influence on executive pay,
which has grown much faster over the last two decades than pay generally and
than typical corporate performance;
• Second, on whether there are measures that could
increase the connection between boards of directors and other groups with an
interest in corporate performance such as employees and small suppliers; and
• Third, whether some of the features of corporate
governance that have served us well in our listed companies should be extended
to the largest privately-held companies at a time in which different types of
ownership are more common.
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