Speaking at the Audit Quality Forum at the Mansion House, Cable said the meeting on 19 March 2015 would include senior business representatives, the trade unions and academics and would explore how progress in improving corporate culture can be made without further regulation.

Also under discussion at the summit will be how to set up a benchmarking process to measure the progress in corporate culture.

Cable said: ‘Recent corporate scandals point to systemic bad practice at the heart of some businesses. This needs to be addressed, which is why I am calling a summit in 10 days’ time that will include some of the country’s biggest businesses to hammer out how we can drive tangible improvements in corporate culture.’

Cable said he would also be using the opportunity to outline the work that has been done in the areas of audit, short-termism, executive pay reforms and business human rights, including the new audit directive.

The summit will take place on 19 March 2015 from 1pm to 3pm in the 1 Victoria Street conference centre.