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Improved governance and reporting required to promote sustainability and trust in business

  • FRC (United Kingdom Financial Reporting Council) Image

Jan 09, 2020

On January 9, 2020, the Financial Reporting Council released a report on how companies need to improve their governance practices and reporting if they are to demonstrate their positive impact on the economy and wider society.

While changes to the 2018 UK Corporate Governance Code raised the bar considerably and have led to some high-quality reporting, greater focus is needed on longer term sustainability including stakeholder engagement, diversity and the importance of corporate culture. These changes are expected to take time to bed in. The UK Corporate Governance Code was updated to help build trust in business by forging strong relationships with key stakeholders. It called for companies to focus on long-term sustainability by aligning purpose, strategy and culture, promoting integrity and valuing diversity.

Review the press release and report on the FRC's website.

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