The U.K. government has published a consultation promising “once in a generation” changes to corporate reporting. It said “common sense” changes will save companies more than £450 million ($603 million) a year.

The proposals include lightening the regulatory load for smaller and medium-sized enterprises, including potential audit exemptions, re-assessing mandatory reporting requirements for private firms and streamlining strategic, remuneration and governance reporting.

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Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...