Uniwersyteckie Czasopisma NaukoweThe Politics of UK Corporate Governance Reform
Słowa kluczowe:
corporate governance, agency theory, executive remuneration, stewardshipAbstrakt
This paper examines the background to, and describes the main conclusions of, the most recent re-appraisal of UK corporate governance by the UK Parliament and Government in 2016 and 2017. This scrutiny of UK corporate governance followed high-profile corporate governance failings in 2016 alongside frequent press reports of disproportionate executive pay that eroded public trust in business. Set against the backdrop of the decision of the UK electorate to exit from the European Union in the referendum held in June 2016, the attention on the issues of executive pay, the voice of stakeholders and corporate governance in large privately-owned businesses, is indicative of a desire by the UK Government to better prepare UK businesses for a post-Brexit world, as well as to improve public faith in the free market system. The corporate governance reforms proposed by the UK Government in 2017 are not as radical as those initially proposed in 2016 and reflect recent changes in the political climate in the UK that have weakened its authority. Whether the largely incremental changes to corporate governance processes that are proposed achieve the broader aim now attributed to UK corporate governance policy, of improving public trust in business, remains to be seen.
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