A Green Paper on corporate governance reform has been published, which focuses on:
1) executive pay (proposals include increasing transparency by introducing pay ratio reporting, and simplifying and strengthening long-term incentive plans);
2) strengthening the voice of employees, customers and stakeholders (proposals include creating stakeholder advisory panels, designating existing non-executive directors to ensure that the voices of key interested groups are being heard at board level, appointing individual stakeholder representatives to company boards and strengthening reporting requirements related to stakeholder engagement).
3) applying corporate governance and reporting standards to large private businesses.
The deadline for responding to the Green Paper is 17 February 2017.