In the 25 years since the Cadbury Report was published to outline good corporate governance practices for U.K.-listed companies, there have been 14 subsequent reports and revised guidances on the subject. Get ready for yet another.

Even before Theresa May took over as Prime Minister, there have been calls to re-examine and rake over the country’s system of corporate governance and regulatory oversight. A committee of Members of Parliament is the first to set out its stall ahead of the government.

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...