Regular readers may recall that I recently gave short critiques of several corporate governance proposals put forward by UK Prime Minister Theresa May: pay ratio disclosure, mandatory say on pay, and worker representation on boards.
Our friend JW Verret has now published a commentary on May's proposals:
It appears May seeks to supplant conservative principle with political expediency and more socialist ideology. Her proposals will replace the discipline of the market with the cronyism of special interest governance. Thatcher's government drew a firm distinction with her Conservative Party platform, built on the values of free enterprise and the unforgivable business discipline of market competition. The Iron Lady knew what she believed, and she governed from those beliefs.
Prime Minister May's speech provides a road map that merges some conservative rhetoric with a series of top priorities for liberals and the Labour Party. A Conservative Party platform cannot survive however with such a cafeteria approach to principal.
Go read the whole thing.