Kwasi Kwarteng will confirm that the reforms of the British corporate governance regime have been softened after the reaction of business leaders and pressure groups to the proposals for stricter controls.
The business secretary will publish his long-awaited response this week to a consultation on the audit and corporate governance review following a series of accounting scandals. The times ha après.
He must confirm that he is not pursuing reform proposals, inspired by the U.S. Sarbanes-Oxley Act, under which directors will face bans or fines for signing inaccurate accounts.
The proposal, first announced more than a year ago, provoked fierce criticism from business lobbyists, who complained that the extra costs would make Britain a less attractive place to be.