In recent weeks, Theresa May has attempted to perform a balancing act between looking after the interests of ‘just about managing’ families and keeping big business on side. On becoming Prime Minister, she gave several speeches suggesting the need for a radical overhaul of the way businesses — and capitalism — work in order to help those left behind by globalisation. Yet May has had to soften her language to appease business leaders — backtracking, in a speech to the CBI, on a pledge to put workers on company boards.
Today Greg Clark tried to set out what May’s crackdown on corporate greed will actually entail. The business secretary insisted that workers would still be given a voice on company boards as he announced a new public consultation on measures to strengthen corporate governance. The proposals include the idea of publishing pay ratios as well as a push for privately owned companies to face similar scrutiny to those listed on stock market.
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