It opted instead for a standard listing, which has far less stringent governance requirements.

Pension schemes must publish statements from the head of the board each year setting out how trustees have met their governance requirements.

That would strengthen the corporate governance requirements applying to larger shareholders.

Ideas under consideration include looser corporate governance requirements, relaxing the rules on the number of shares that need to be listed and allowing dual classes of shares.

Both companies are legally separate, with their own stock exchange listings, and are subject to different laws, regulations and corporate governance requirements.