Consultation on principles for private companies an opportunity to improve standards, says TUC

The TUC is encouraging businesses, unions, community groups, NGOs and anyone with an interest to submit views to a new consultation published today (Wednesday) on the corporate governance of private companies.

The consultation is on the Wates Corporate Governance Principles for Large Private Companies, which was developed by a group facilitated by the Financial Reporting Council.

The principles cover the purpose and responsibilities of companies, including engagement with the workforce and other stakeholders.

TUC General Secretary Frances O’Grady said:

“Private companies affect all our lives. After recent corporate scandals, their standards must improve. We hope lots of organisations will use this opportunity to share their views so that Britain has better businesses, with better outcomes for workers, customers, suppliers and the nation.

“The principles will not succeed if they are just PR gloss in corporate brochures – firms must bring them to life. That means building closer relationships with their workers, customers and the communities where they operate.  

“Real change will mean a shared focus on long-term success through creating good jobs, improving the environment, and a social purpose that adds to the quality of life in Britain.”