Sir, The UK government’s consultation on improving corporate governance is welcome. As prime minister Theresa May has said, it’s not anti-business to say that big business needs to change. Any irresponsible company, whether listed or privately held, can exploit workers, mislead consumers and damage the environment. That’s why we’ve long called for private companies to be required to report on social and environmental issues in the same way as listed companies. Where the government’s thinking falls short is on criminal sanctions to deter and punish the worst kinds of corporate malpractice. Criminal prosecution would be the ultimate penalty for the types of conduct that lead to slavery, exploitation of children and other serious human rights abuses in business operations around the world. If the government is really serious about a crackdown on irresponsible companies, it must bring forward such measures without delay.