The top three topics that respondents felt required more attention were remuneration, simplification and enhancing governance in private companies. Respondents were split on remuneration with some considering it to be too high and others suggesting that too much focus was placed on the subject: ‘Too much attention [on] remuneration matters which usually impact on a very small [number] of people’. Respondents were more united on the need for simplification, with calls to reduce red tape and for a period of calm to ‘let things settle so that effectiveness can be evaluated rather than constant change’.
|What the letter asks for:|
In a concerted push for better governance, the ICSA co-signed a letter to the UK’s Prime Minister, Theresa May
emphasising the importance of directors’ duties under Section 172 of the Companies Act.
Along with the International Corporate Governance Network (ICGN), the Institute of Directors (IOD) and the Trades Union Congress (TUC), the letter argues that the government should create a regulatory body to effectively police corporate governance and ensure that businesses are run for the benefit of staff and society as well as shareholders. Intervention is justified, the signatories state because: “Good corporate governance is a necessary condition for any economy which both works, and is seen to work for everyone.”