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FRC to perform “fundamental review” of UK Corporate Governance Code

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17 Feb 2017

The Financial Reporting Council (FRC) has announced that it is planning a “fundamental review” of the UK Corporate Governance Code and will consult on its proposals later in 2017.

This review will consider the issues raised in the Government’s Green Paper on Corporate Governance Reform and the Government’s response to the Green Paper. This is likely to include proposals to help boards take better account of stakeholder views and better link executive remuneration with performance. The FRC is also going to consider issues raised in the House of Commons Business, Innovation, and Skills (BIS) Select Committee inquiry.

The review will encompass other recent areas of FRC focus, notably:

  • succession planning – our news item on the FRC’s feedback statement issued in May 2016 is available here; and
  • culture – our news item on the FRC’s report Corporate Culture and the Role of Boards was issued in July 2016 and is available here.

The FRC has previously indicated that it looks forward to working with the Hampton/Alexander report’s review team to improve reporting on executive diversity as part of its next update to the Code.

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