More on Theresa May’s talks with CBI…
Theresa May has backed away from a pledge to require companies to put representatives on boards.
Speaking at CBI’s annual conference, May said firms would not be forced to adopt the new proposal.
She said: “This is not about mandating works councils, or the direct appointment of workers or trade union representatives on boards,”
May has been promising a shake-up in cooperate governance as part of her Conservative Party Leadership campaign in July. She also repeated this promise at last month’s conference when she said she planned to have “not just consumers represented on company boards, but workers as well”.
Asked if she had dropped plans for the direct appointment of workers on boards, May said “there are a number of ways in which that can be achieved.”
She also said that the government would soon publish details on its plan to reform corporate governance, this would cover firms’ accountability to shareholders, executive pay as well as proposals to ensure all employees voices are hears.
She has also pledged an extra fund of £2bn a year to go towards scientific research and development by 2020.