Worker representation on boards and curbs on executive pay are just two of the items on the agenda for another round of possible corporate governance changes as U.K. companies come under fire yet again for failing to live up to the spirit of earlier reforms.

In a speech as part of her leadership campaign to become the United Kingdom’s second female Prime Minister, Theresa May said that the country needed “deep economic reform,” which includes “getting tough on irresponsible behaviour in big business” and refusing to accept that “anything goes.”

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...