Culture project


The Financial Reporting Council (FRC) has launched a project on corporate culture and behaviour.  The project will be in partnership with the Chartered Institute of Management Accountants (CIMA), the City Values Forum, the Chartered Institute of Personnel and Development (CIPD), the Institute of Business Ethics (IBE) and the Chartered Institute of Internal Auditors (IIA). 

The aim of the project is 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.  The project will consist of four work streams:

  • Delivering Sustainable Success – the role of an effective board;
  • People issues – aligning culture, values, human resource practices and performance reward systems;
  • Stakeholder issues – relationships between culture and business models, with shareholders, customers and suppliers, and the impact on the wider community and environment; and
  • Embedding and assurance – measuring and monitoring culture, the role of internal audit, risk management and public reporting of cultural indicators.

The FRC invite all those with “expertise, experience or an interest in this area” to participate.  It is intended that the FRC’s Guidance on Board Effectiveness will be replaced with “new material that has culture at its heart, to support the application of the principles in the UK Corporate Governance Code”.  The FRC will also develop practical market-led ‘how to’ resources “to help boards across a broad range of sectors and industries take effective action on culture”.

Project Milestones

The project was launched in October 2015.

Current status of the project

The project was launched in October 2015. 

On 28 October the FRC published a Discussion paper on board succession planning for both executives and non-executives of those companies to which the UK Corporate Governance Code applies.  A feedback statement was published in May 2016

On 20 July 2016 the FRC published a report into corporate culture and the role of boards.

On 9 December 2021 the FRC published a report on creating positive culture-opportunities and challenges.

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