Corporate Governance Reform Green Paper

About this consultation

The Green Paper seeks views in a number of areas where there are options for updating the corporate governance framework. In relation to occupational health and safety these are:

  • 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 suppliers
  • Whether the requirements for corporate governance reporting that apply to listed companies should be extended to large privately-held companies and / or businesses within different types of ownership

Background

The stated aim of this Green Paper is to generate debate on what changes might be appropriate in the corporate governance regime to help ensure that the UK has an economy that works for everyone.

Proposed changes

The Green Paper sets out some specific questions for comment:

Strengthening the employee, customer and wider stakeholder voice

  • How can the way in which the interests of employees, customers and wider stakeholders are taken into account at board level in large UK companies be strengthened?
  • Are there any existing examples of good practice?
  • Which type of company do you think should be the focus for any steps to strengthen the stakeholder voice?
  • Should there be an employee number or other size threshold?
  • How should reform be taken forward?

Corporate governance in large, privately-held businesses

  • What is your view of the case for strengthening the corporate governance framework for the UK’s largest, privately-held businesses?
  • If you think that the corporate governance framework should be strengthened for the largest privately-held companies, which businesses should be in scope and should any size threshold be set?
  • If you think that strengthening is needed how should this be achieved? Should legislation be used or would a voluntary approach be preferable? How should compliance be monitored?
  • Should non-financial reporting requirements in the future be applied on the basis of a size threshold rather than based on the legal form of a business?

It also provides an opportunity to make suggestions on any other theses, ideas or proposals that could be explored which would strengthen the UK’s corporate governance framework.

  • Is the current corporate governance framework in the UK providing the right combination of high standards and low burdens?
  • Apart from the issues addressed specifically in the Green Paper can you suggest any other improvements to the framework?

Consultation questions

IOSH will be responding to this consultation. We ask members to send us their views for consideration as part of an IOSH submission. Please respond to this consultation to consultation@iosh.co.uk by 20 January 2017.

Members who wish to respond as individuals or representing their businesses can do so by the methods identified in the consultation by 17 February 2017.