For those Boards who follow the Corporate Governance Code rather than the FE or Charity Code, this maybe of interest to you.
Following the consultation on Restoring Trust in Audit and Corporate Governance, last year, the government invited the FRC to strengthen the UK Corporate Governance Code in specific areas.
The FRC have now launched a public consultation on its proposed revision to Code. This limited revision aims to enhance the Code’s effectiveness in promoting good corporate governance, some of the changes include:
- Setting out a revised framework of prudent and effective controls to provide a stronger basis for reporting on, and evidencing their effectiveness.
- Improving the functioning of comply-or-explain, taking account of recently published FRC research and reports.
- Making necessary revisions to reflect the responsibilities of the board and audit committee for sustainability and ESG reporting, and associated assurance in accordance with a company’s audit and assurance policy.
- Updating the Code to ensure that it aligns with changes to legal and regulatory requirements as set out in the Government’s response to the White Paper, including strengthening reporting on malus and clawback arrangements.
Comments on the questions set out in this consultation document are requested by Wednesday 13 September 2023. Responses should be sent by email to email@example.com.