Responding to the government’s new laws to rein in boardroom pay, Terry Scuoler, Chief Executive of EEF, the manufacturers’ organisation, said:

“UK Manufacturers have a strong track record of good corporate governance and high standards of employment practice with many examples of excellent employee engagement in firms up and down the land.

“These proposals will build on these existing high standards, spreading best practice, improving transparency and ensuring greater consistency amongst the UK’s largest businesses.

“The reforms, which will accelerate improvements in Corporate governance, are consistent with the UK’s industrial strategy and will aid international competiveness and attractiveness as a hub of global trade and investment.”

Meanwhile,  Paul Drechsler CBE, Confederation of British Industry President, said:

“Good corporate governance is an essential ingredient of business performance and the bedrock of trust between business and society.

“We know that how companies act and behave determines the way people think about business.

“Companies take this seriously and we look forward to working closely with the government to ensure the UK maintains its reputation as a global leader in this field and as a primary location for international investment.

“The CBI is very clear that the unacceptable behaviour of a few firms does not reflect the high standards and responsible behaviour of the vast majority of companies.”

Written by:  Steve Fisher

Source: Business Link

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