IFB Responds to Government Corporate Government Proposals
29th August 2017
The Government today published proposals to reform UK Corporate Governance. Responding Elizabeth Bagger, IFB Executive Director, said:
“Family businesses have a natural tendency to approaching corporate stewardship in ways that ensure the pursuit of good financial performance supports their long term objectives and values.
“Families care about having well-governed businesses that are viable and sustainable in the long term. Whilst most family firms behave responsibly, there is always something to be learnt from sharing and promoting examples of best practice.
“As part of their review of Corporate Governance we have called on the Government to focus reforms on actions which will improve culture and embed genuine engagement and good governance in all businesses.
“We are pleased to see the Government adopt an approach which takes into account the diversity of private businesses within the UK, and one which recognises the need for family businesses to have a voice as the principles are developed.”
As part of the proposals the Government has invited the FRC to work with the Institute for Family Business, the IoD, the CBI and the British Venture Capital Association to develop a voluntary set of corporate governance principles for large private companies.
Read more about the Government’s proposals on executive pay, strengthening the stakeholder voice and corporate governance in private companies here.