14th February 2017
The collapse of BHS, which is reported to have left its pension fund in deficit by over £500 million, appeared to influence the Government’s green paper on corporate governance which was published on 29 November 2016.
One of the focus areas of the green paper was the extension of the Corporate Governance Code to large privately-held businesses. At present the strongest corporate governance and reporting standards in the UK are focused on public companies.
In response to the Government’s green paper, the Work and Pensions Committee (the “WPC”) has made the following recommendations:
The proposals set out in the Governments’ green paper are open for consultation until 17 February 2017 and we will issue a further update once the outcome of the consultation is known.
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