The board of chemical company DGL has launched an independent review of the firm's culture, following the chief executive's offensive remarks about chef Nadia Lim.
Describing her as "Eurasian fluff", Simon Henry suggested she was using her cleavage to help sell shares in the My Food Bag company.
DGL has already condemned the comments as unacceptable and offensive.
The board is also reviewing the pay structure for senior executives and intends to take a scorecard approach for assessing at-risk remuneration.
It said Henry fully supports the move.
Yesterday the PR company representing Lim said an apology made by Henry added further insult to injury.
Deborah Pead said Lim received an emailed apology after Henry made derogatory comments on her appearance six days earlier.
The two-line letter stated Henry hoped Lim would accept the letter as his "sincere and formal apology" for his inappropriate language.
Pead said in her opinion, "one had to wonder why he even bothered".