Government stands by Higgs
The government has stood by the Higgs report saying it will press on with the recommended changes to corporate governance despite widespread opposition from big companies.
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Chancellor Gordon Brown said ministers will seek to adopt the changes recommended by the Higgs report in defiance of the wishes of 80% of Britain’s largest companies, who oppose the changes.
The extent of the opposition was revealed yesterday through a survey by the Confederation of British Industry. It showed most companies are against the ban on their chairmen heading up the nominations committes and oppose the propsal that would force senior non-executives to hold regular meetings with shareholders.
Recommendations in the Higgs report on non executive directors and the Smith report on audit committees are due to come into effect in 1 July this year.