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Governance in brief: Promoting excellence in the boardroom

Published on: 28 Sep 2012

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.

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