UK: Trades Union Congress calls for governance reforms

The Trades Union Congress has published a report titled Workers on Board - The case for workers’ voice in corporate governance, in which it argues that the UK corporate governance model requires reform and would benefit from stronger worker representation up to and including board level: see here (pdf). The report also makes the case for rewriting section 172 of the Companies Act 2006: it is argued that directors' primary duty should be the promotion of the long-term success of the company, with the interests of shareholders and stakeholders subject to secondary duties. It is also argued that shareholder voting right should be restricted to those who have been shareholders for two or more years.