The BEIS have published the Government response to consultation on corporate governance reform. Key workforce measures to be taken include: (i) require quoted companies to report annually the ratio of CEO pay to the average pay of their UK workforce; (ii) Introduce legislation requiring all private and public organisations of significant size to explain how their directors have regard to employee interests; (iii) consult on a new governance principle  to strengthen the voice of employees at board level, including requiring premium listed companies to consider adopting one of three employee engagement mechanisms on a ‘comply or explain’ basis. The aim is to bring the reforms into effect by June 2018 to apply to company reporting years commencing on or after that date.

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