In November 2016 the government’s green paper on corporate governance reform set out the objectives for restoring faith in capitalism and free markets, “where big business must earn and keep the trust and confidence of their customers, employees and the wider public,” said the prime minister at the time.

Theresa May added: “When individual businesses lose the confidence of the public, faith in the business community as a whole diminishes – to the detriment of all. It is clear that in recent years, the behaviour of a limited few has damaged the reputation of the many.”

Last year’s follow up consultation drew a number of responses focused on the idea of stakeholder advisory panels working alongside boards.

Appointed by boards, they would be made up of a wide set of stakeholders including shareholders, employees, customers, suppliers and community interests.

Given recent audit disasters- particularly at Carillion- there may be an argument for auditors to be appointed by such stakeholder panels, should they come into existence.