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Proposals for revised Corporate Governance code issued

Proposals for revised Corporate Governance code issued

The FRC has issued proposals for a revised, shorter and sharper Corporate Governance code building on the findings from the FRC’s culture report published in 2016


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Following an announcement earlier this year the Financial Reporting Council (‘FRC’) have released their proposed revisions to the Corporate Governance code for consultation.

The revised Code sets out good practice so that the boards of companies can:

  • Establish a company’s purpose, strategy and values and satisfy themselves that these and their culture are aligned;
  • Undertake effective engagement with wider stakeholders, to improve trust and achieve mutual benefit, and to have regard to wider society;
  • Gather views of the workforce;
  • Ensure appointments to boards and succession plans are based on merit and objective criteria to avoid group think, and promote diversity of gender, social and ethnic backgrounds, cognitive and personal strengths;
  • Be more specific about actions when they encounter significant shareholder opposition on any resolution, including those on executive pay policies and awards; and
  • Give remuneration committees broader responsibility and discretion for overseeing how remuneration and workforce policies align with strategic objectives. 

Read more:

Proposed Revisions to the UK Corporate Governance Code

Appendix A – Revised UK Corporate Governance Code

Appendix B – Revised Guidance on Board Effectiveness

Appendix C – Summary of Changes from 2016 UK Corporate Governance Code

Responses to the consultation should be sent to by 28 February 2018

© 2019 KPMG Channel Islands Limited, a Jersey company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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