The Financial Conduct Authority

The Financial Conduct Authority (FCA) has updated its proxy advisor enforcement rules following industry feedback. The update follows the regulator’s proxy advisor Shareholders’ Rights Regulations (SRD II), which came into force in June, that gave the FCA powers to discipline and investigate proxy advisors. The regulations require proxy advisors to disclose how they produce their […]

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UK corporate reporting

FRC promises corporate governance and reporting crackdown The Financial Reporting Council (FRC) is to expand its monitoring of corporate governance and reporting standards as it considers the effectiveness of its new governance code. In its annual report for the year ending 31 March 2019, the FRC said it will continue to tackle poor-quality audit work, […]

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UK corporate reporting

FRC fines treble to £43m as regulator sends “clear message” The Financial Reporting Council (FRC) dealt out a record £43m in fines during the past year for misconduct and breaches, as the regulator accelerated cases to conclusion. The regulator’s Annual Enforcement Review, published at the end of July, shows the FRC almost tripled its fines […]

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Andrea Leadsom leader of the House of Commons

HMRC loses chief to new audit watchdog as Leadsom means business The chief executive of Her Majesty’s Revenue and Customs service has been confirmed as the person to lead the Financial Reporting Council into the refreshed entity the Audit, Reporting and Governance Authority. Sir Jonathan Thompson, who has led HMRC for a little over three […]

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UK corporate governance code

The Institute of Directors (IoD) has called for tougher rules on executive pay, including greater transparency over the effect of share buy-backs,  in its response to the Financial Reporting Council’s (FRC) consultation on the revised UK corporate governance code. The IoD has also suggested that remuneration committees at large listed companies should be made to report […]

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Labour

The 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 […]

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Financial Reporting Council

The UK’s Financial Reporting Council (FRC) has published the findings of a survey of its stakeholders in which many call for more transparency in its internal processes and state that its current enforcement activities are too slow. The FRC said it recognised that it needs to make improvements and accepted that investors wanted the regulator to […]

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corporate governance codes

The UK’s Financial Reporting Council (FRC) has proposed a revised corporate governance code which it said is “shorter and sharper” than the existing code and builds on its work into corporate culture last year. The FRC said the revised code focused on the importance of long-term success and sustainability, addressed issues of public trust in […]

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UK corporate reporting

UK corporate reporting could still be improved through the disclosure of specific company rather than generic information according to the Financial Reporting Council (FRC). In its annual review of corporate reporting, the FRC said disclosures by large listed UK companies are generally good but detailed explanations and clarity could still be better. Improvements in recent years […]

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High Pay Centre CEO pay

The UK government is to require companies to publish pay ratios between chief executives – based on their total remuneration – and their average UK worker. This was among the actions outlined in the government’s response to its corporate governance green paper consultation which ended earlier this year. The government said that the pay ratio information: […]

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