UK Corporate Governance Code Undergoes a Review
The UK Corporate Governance Code (the Code) is undergoing a review by the Financial Regulatory Council (FRC) in the UK. A consultation process was announced by the FRC earlier this year, with a view to making changes to the Code to reflect the changing business environment in the UK.
The FRC has advised that majority of proposed changes have been made to the first three sections of the current Code concerning the themes of leadership and effectiveness. Section E (relations with shareholders) has been integrated within the revised Code, as the FRC considers shareholder engagement to be a key aspect of good governance. Section 4, which deals with audit, risk and internal control, remains largely unchanged. The current Schedule A has been removed and where appropriate incorporated into the Section 5 (Remuneration).
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