Absence of audit and corporate governance reforms is a major omission

Commenting on the King’s Speech at the State Opening of Parliament, Dr. Roger Barker, Director of Policy at the IoD, said:

“The King’s Speech provided the last opportunity for the government to lay out its legislative agenda ahead of the next General Election. However, there is not much in it to address the direct concerns of business leaders.

“We welcome the introduction of a bill that will enable the UK to proceed with its entry into the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). However, although there will be legislation to guide the introduction new technologies like driverless cars, we are disappointed that the government does not yet have anything substantive to offer with respect to the future regulation of Artificial Intelligence.

“Corporate governance is a crucial issue for the IoD and its members. We welcome the introduction of a Football Governance Bill, which will hopefully enable football clubs to operate in a more sustainable manner. However, the absence of a bill to implement key aspects of the government’s long planned audit and corporate governance reforms is a major omission. It appears that corporate governance is not seen as a vote winner by politicians – despite the wide-ranging impact of the collapses of companies like Carillion and BHS.”