The Financial Reporting Council has been reviewing the impact of the Combined Code on Corporate Governance – the code which sets out best practice corporate governance standards for UK listed companies. In its response to the FRC the ACT states that in our view there is little missing from the Code and that governance structures have been broadly fit for purpose. The emphasis for the future should be making sure that the Code objectives are turned into satisfactory outcomes perhaps through increased challenge of directors. The ACT response recommends some refinements to the Code, notably to increase the importance attached to risk management.
The FRC’s call for evidence is available at http://www.frc.org.uk/press/pub1894.html
