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The future of corporate governance

The UK government’s proposed reforms to corporate governance and audit are long overdue – but they are opening up a rare opportunity for genuine and long-lasting changes. Here’s why.

When the UK government consultation on corporate governance and audit reform was published by the Department for Business, Energy and Industrial Strategy (BEIS) in March 2021, reactions were mixed.

There was relief at ICAEW that it had finally materialised. ICAEW has been a strong supporter of reform (see Supporting audit reform,) and there were concerns that the BEIS consultation might never see the light of day. However, among the first reactions were concerns expressed by the Institute of Directors and the Confederation of British Industry about the ‘unnecessary burden’ on directors that the proposals represent and about the risk that they will discourage entrepreneurship and drive investment away from the UK.