Sir Jan du Plessis, a seasoned figure in British corporate leadership, has expressed concerns over the UK government’s proposed changes to corporate governance rules, cautioning that certain measures could undermine public trust in businesses. Du Plessis, who has chaired four FTSE 100 companies including British American Tobacco, Rio Tinto, BT, and SAB Miller, raised his views as part of a broader consultation launched this month by the government.

At 72 years old and preparing for retirement, du Plessis acknowledged the government’s efforts as “bold and brave” in attempting to reduce bureaucracy in corporate operations. However, he warned against the adoption of virtual-only annual general meetings (AGMs), suggesting that completely foregoing in-person gatherings might be a strategic misstep. According to du Plessis, physical AGMs serve as a crucial avenue for stakeholders, including pressure groups, to voice their perspectives and hold companies accountable, something that virtual-only formats may not fully facilitate.

In addition to his reservations about virtual-only AGMs, du Plessis criticized the government’s contemplation of removing the annual shareholder vote on directors’ remuneration, a practice introduced in 2002. He described this vote as a key mechanism in addressing the “distrust” that can exist between businesses and society, warning that its elimination could damage transparency and investor confidence.

The government’s consultation aims to gather opinions from investors and other stakeholders to modernize the corporate reporting framework, seeking to balance innovation with the protection of shareholder rights. Officials have emphasized the importance of ensuring that governance structures remain fit for the future while maintaining accountability and engagement.

Du Plessis’s comments reflect a broader debate about the evolution of corporate governance in the UK, particularly in the context of technological changes and shifting expectations around transparency and shareholder involvement. As companies navigate these reforms, balancing efficiency and inclusivity will likely remain a central challenge.