UK: PIRC's manifesto for corporate governance reform

Pensions Investment Research Consultants Ltd - better known as PIRC - has published "Beyond the crisis: PIRC’s manifesto for corporate governance and capital market reform". The recommendations are wide-ranging. PIRC suggests that a greater role for employees should be considered within the UK governance framework and calls on BERR to consult on this issue. PIRC also proposes, inter alia, that directors of listed companies should be elected annually; that shareholders should have a binding vote on company audit committee reports; and that legislation should be introduced to make explicit "new responsibilities of stewardship and engagement for institutional investors".