Governance in brief: Promoting excellence in the boardroom
Published on:
28 Sep, 2012
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The FRC has published revised editions of the UK Corporate Governance Code and the Guidance on Audit Committees.
The key proposals are as follows:
- New, far-reaching board statement on the content of the annual report and accounts
- New and further responsibilities for the audit committee
- Audit tendering
- Appointments to the board - diversity and use of executive search consultancies
- Meaningful explanations of non-compliances with the code
- Acknowledging other providers of capital
The proposals are effective for periods commencing on or after 1 October 2012, so for a company with a December year end, the revised Code will be applicable for the 31 December 2013 year end.
