A new corporate governance code aimed at improving trust in business has been published by the accountancy watchdog the Financial Reporting Council (FRC).

The changes include banning senior executives from selling shares awards for five years and encouraging firms to improve how they engage with staff.

The FRC code isn’t mandatory, but listed UK firms opting out would need to explain to investors why they had.

The shake-up comes in the wake of high profile corporate failures such as the collapsed construction firm Carillion.

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Global workforces will be decimated as the next industrial revolution gets under way, the head of engineering giant Siemens has warned, unless workers are retrained with new skills.

Joe Kaeser, CEO of Siemens, said up to almost a third of jobs could be lost as the transition from combustion engines to electric cars takes place over the next decade, in what will be “one of the single most important transformations of all time”.

He said it would be a key challenge for industry leaders to build the car of the future responsibly and get the transformation right, because ultimately many traditional roles will disappear in the short-term.