In what’s being called a radical political proposal, Britain's main opposition Labour Party says that it would require companies to reserve one third of the seats on their board of directors for workers.
The British Labour Party made the promise concerning board seats in a media statement on Sunday. Labour said that the current corporate governance structure that places the interests of shareholders above all else has created a short-term corporate culture that is stifling economic growth in the United Kingdom and beyond.
"In workplaces across the country, working hours have got longer, productivity has nosedived, pay has fallen and insecurity has risen," reads the media statement that was issued during the first day of the Labour Party's annual conference.
The Labour Party says that if it wins power, both public and private companies will be legally required to have worker directors on their boards. Conservative Prime Minister Theresa May made a similar promise when she was elected in 2016, but her proposals have since been shelved.
The British Labour Party also promised Sunday to nationalize key industries once in office, though it did not say which ones.
