The remit letter, which updates the letter issued in 2019:

• Asks that in fulfilling its core purpose to enhance public trust and confidence in corporate governance, financial reporting and audit, the FRC should contribute to promoting the competitiveness and growth of the UK economy, embedding its growth duty across its work.
• Asks that the FRC considers proportionality when introducing any new requirements and also looks at where rules and guidance are no longer proportionate and can be removed or streamlined.
• Welcomes the FRC's work to review and update the UK Corporate Governance and Stewardship Codes and asks that the FRC, in its management of the Codes, ensures that they promote good governance as a key component of company success and facilitate good engagement between companies, investors and stakeholders in the interests of the economy as a whole. 
• Encourages the FRC to continue its work on areas such as driving up the quality of audit, engaging with the government on measures to simplify and streamline current non-financial reporting requiremements and in supporting the assessment of IFRS Sustainability Disclosure Standards to enable consistent and proportionate reporting on sustainability matters by companies.

A copy of the letter and the FRC Chief Executive Officer's reply are available on the Government's website.