The London Stock Exchange has been accused of bending corporate governance rules in order to attract the huge Saudi Aramco listing, allowing the group to float 5 percent of the company instead of the 25 percent usually asked for.

Both London and New York have been competing to nab the listing, which could bu the largest in history. For London, it would underscore its reputation as a centre of global finance despite the uncertainty of Brexit.

In order to do so, the LSE has relaxed its requirements for admittance onto the stock exchange, with the FCA confirming that a new category will allow a smaller float for sovereign-controlled companies. Saudi Aramco is Saudi Arabia’s state-owned oil company.

However, the Institute of Directors criticised the decision, saying it would put the “UK’s global reputation as a leader in good governance” at risk. It added that it was “deeply disappointed”, and would lead to “a reduction in standards”.

Aramco has still not confirmed where it will float its shares, or even if it will do so at all.