Director accountability is back in the spotlight in the U.K., even as the government pushes for regulatory simplification to cut red tape and drive growth. This raises questions about how boards can be encouraged to take risks to grow their businesses while also being held more accountable for governance failings. As regulators and auditors debate where the line between accountability and ambition should fall, what should compliance managers be advising boards, and what changes are already in progress?

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...