The former directors of Carillion who appeared before the joint Work and Pensions and Business, Energy and Industrial Strategy Committees inquiry into the company’s collapse last month were labelled as “delusional” by its co-chairs Frank Field MP and Rachel Reeves MP. Field and Reeves said: “We heard variously that this was the fault of the Bank of England, […]
Read MoreThe Labour Party has criticised the UK government’s choice of chair for its coalition group that will be developing corporate governance principles for private companies. James Wates CBE, chairman of Wates, a family-owned construction firm, chaired the first meeting of the group this week. The Guardian highlighted that the Wates company is a regular donor to […]
Read MoreNigeria’s Corporate Governance Rating System (CGRS) has announced that 25 companies successfully passed its rating test joining the eight firms that retained their rating from the CGRS pilot in 2014. This brought the total number of companies that reached the required pass mark of 70% to 33 while a further 87 companies were at various stages of completion […]
Read MoreSingapore’s corporate governance council, which was established by the Monetary Authority of Singapore in February 2017, is consulting on a revised corporate governance code for the country which it is hoped will strengthen investor confidence in its capital markets. The council said a well-rounded board with the appropriate mix of skills, experience and independence is critical to good […]
Read MoreThe collapse of Carillion raises concerns not only about corporate governance at the firm and KPMG’s audit, but also how the directors were able to get changes to their pay passed the vote. Speaking in The Guardian on Saturday (20-Jan-18), British Prime Minister Theresa May signalled her government’s frustration with the slow pace of change: “Boardroom excesses […]
Read MoreIn the opening remarks of his New Year press conference South Korea’s President, Moon Jae-in promised to push for corporate governance reform through the introduction of a stewardship code and improvements in shareholders’ voting rights. He admitted that the reform of the traditional chaebols or conglomerates was needed and he said it was important from the […]
Read MoreOver 100 shareholders have again requisitioned a resolution calling on the Royal Bank of Scotland (RBS) to establish a shareholder committee in a campaign organised by private investor groups – the UK Individual Shareholders Society (ShareSoc) and the UK Shareholders Association (UKSA). The resolution and requisition forms from 161 shareholders were delivered to the RBS’s London […]
Read MoreSri Lanka’s Institute of Chartered Accountants (CA Sri Lanka) recently published its revised Code of Best Practice on Corporate Governance 2017. Speaking at the launch event outgoing president of CA Sri Lanka Lasantha Wickremasinghe said that good corporate governance can contribute greatly to a country such as Sri Lanka, which was going through a phase of revival. He […]
Read MoreThe London Stock Exchange (LSE) is consulting on rules changes for AIM companies including the requirement for firms to report against a recognised corporate governance code. Responses to the LSE’s discussion paper released in the summer found a majority supported firms reporting against a code on a comply or explain basis. Under the revised rules […]
Read MoreDespite its shorter length companies may find adapting to the UK’s revised corporate governance code challenging, business leaders and advisers suggested. However, there was broad support for the approach taken by the Financial Reporting Council (FRC) after it launched its consultation last week. Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), which represents […]
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