A BEIS Committee report says that British businesses must act on corporate governance, executive pay and boardroom diversity to address a worrying lack of trust of business among the public. While recognising the strength of the UK corporate governance system, the report notes the damage caused by high-profile failings and a dramatic ratcheting up of executive pay in recent years, at a time of stagnant wage growth for many workers. The Committee recommends a series of actions including simplifying the structure of executive pay, putting an end to long-term incentive plans and having workers represented on executive pay remuneration committees. The Committee also calls for the Government to set a target that from May 2020 at least half of all new appointments to senior management level positions in the FTSE 350 and all listed companies should be women.

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