BREAKING NEWS

Frontrunner in British PM race May vows corporate governance reforms

By REUTERS

JULY 11, 2016 05:06

LONDON - Theresa May, the favorite to succeed David Cameron as British prime minister, will pledge on Monday to overhaul corporate governance rules if elected, including putting workers on company boards and making shareholder votes on pay binding.

Cameron said last month he was stepping down after voters rejected his bid to keep Britain in the European Union. Interior minister May is up against junior energy minister Andrea Leadsom in a leadership contest due to be decided by Sept. 9 in a vote by the Conservative Party's 150,000 grassroots members.

Launching her national leadership campaign, May, who like Cameron backed Britain staying in the EU, will say non-executive directors are not providing enough scrutiny of company boards because they are drawn from the same social and professional circles.

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