Governance code should deal with alcohol issues

A NATIONAL charity has written to business secretary Vince Cable recommending that a specific policy to address alcohol be included as an explicit requirement in the Corporate Governance Code.

According to Alcohol Concern, an effective alcohol policy is a material component of business strategy and that, as employees are a key business asset, boards should have a formal responsibility to address financial losses incurred through their reduced performance caused by alcohol.

“The evidence is that boards are not taking the issue seriously,” said Alcohol Concern CEO Eric Appleby. “This will help improve the wellbeing of employees, and at the same time, improve efficiency and productivity.”

Lost productivity and absenteeism because of alcohol was shown to cost the economy 14 million working days and up to £6.4bn each year when it was last researched by government.

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