Its terms of reference started with the words, Accepting the need for a radical extension of industrial democracy in the control of companies by means of representation on boards of directors, and accepting the essential role of trade union organisations in this process to consider how such an extension can best be achieved ...[1]The committee, chaired by Bullock, published its report in January 1977.
The majority report was signed by Bullock and as members of the committee: three trade unionists, two academics and a city solicitor.
A company wide codetermination referendum would be held in firms with over 2000 employees, with the entire workforce voting.
The Report further recommended that nondelegable board functions would be codified as the right to submit resolutions to shareholders concerning (1) winding up (2) capital structure changes (3) article alterations (4) dividends (5) disposal of substantial parts of the business.
In a publication of the City Company Law Committee, A reply to Bullock, the authors said, The more people are able to influence decisions which closely affect their work the more effective will that involvement be; the more effective the involvement the greater the commitment to the company’s objectives which, in the final analysis, will be concerned with generating wealth or services for the community as a whole.