Sir Winfried highlighted:

Society wants company behaviour to improve, and culture to change.  It expects a company’s culture to instil confidence among its investors and other stakeholders and to deliver the company’s objectives in a way that enhances long term value. 

He indicated that culture was “very high” on the FRC agenda and that “addressing cultural issues and embarking on cultural change in a company is not an easy task”.  Sir Winfried Bischoff indicated that good corporate governance was essential to a strong company culture and that poor governance and cultural weaknesses were prevalent among recent corporate failings.  He highlighted the FRC project on corporate culture and behaviour which aims to gather practical insight into corporate culture and the role of boards; to understand how boards can shape, embed and assess culture; and to identify and promote best practice.

Sir Winfried Bischoff commented that a positive culture “can improve a company’s prospects and staff morale” and highlighted the important role that audit can play in enhancing and supporting the development of company culture. 

The full text of the speech can be obtained from the FRC's website.