Corporate governance body hits at boardroom domination

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It serves to explain why executive pay is romping ahead of inflation and workers' pay. The report, based on a survey of more than 500 companies, presents a grim picture of the state of corporate governance in boardrooms. Just 17% of companies were found to be fully compliant with the City of London's own combined code of best practice, introduced two years ago.

PIRC found that the proportion of companies which separate chairman and chief executive jobs fell to 85.7%, down from 87.2% in the previous year.