Staff: Industrial Democracy

HM Treasury written question – answered on 12th September 2017.

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Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer

To ask Mr Chancellor of the Exchequer, what progress the Government is making on its plans for changes in the structure of employee representation; and if he will make a statement.

Photo of Elizabeth Truss Elizabeth Truss The Chief Secretary to the Treasury

Modern companies rely on many stakeholders to be successful, including shareholders, employees and wider society. The UK already has a requirement in existing company law that these wider stakeholders be taken into account. To ensure companies are taking advantage of this best practice, the government will require Directors to explain how they are representing the interests of wider stakeholders. In addition, the government has asked the Financial Reporting Council to examine potential changes to the corporate governance code in order to further strengthen the voice of stakeholders.

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