It was reported over the weekend that the Work and Pensions Committee have suggested that the U.K. Government could prevent another spectacular financial collapse, like that seen recently with British Home Stores (BHS), if they were to make private companies abide by the Financial Reporting Council’s (FRC) corporate governance code – currently reserved for publicly limited companies. More specifically, the Committee’s report calls for Limited Companies - which have to abide by much less regulation traditionally - and who have more than 5,000 pension scheme members, should be governed by the Code which sets standards on board membership, remuneration, and shareholder relations. In this short post, the focus will be on the calls made by the Committee, and ultimately on what may need to happen for such a seismic, and frankly historical shift to take place. The report, which is focused upon corporate governance standards in the wake of the collapse of BHS and which inexplicably...