In February, the Financial Reporting Council (FRC) announced what it has called a “major review” of how companies and auditors assess and report on the impact of climate change, with the findings due to be published in the Autumn, ahead of COP26. But investors are set to play a key role in this review, according […]
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UK reporting watchdog issues diversity warning The majority of the UK’s leading companies are failing to act on boardroom ethnic diversity, a major report by the Financial Reporting Council (FRC) reveals. The report, which reveals most of the FTSE 350 do not set measurable ethnicity targets, has fuelled concerns that companies will fail to meet […]
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Reporting on workforce-related issues needs to improve to meet investor needs and reflect modern-day practices, according to a new report from the Financial Reporting Council’s Financial Reporting Lab. Workforce-related matters such as working conditions, changing contractual arrangements and automation have all become areas of increasing investor focus in recent years and the Lab’s report reveals […]
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Can the FRC rescue its reputation? It has become one of the most disparaged – and lampooned – regulatory institutions of this century. The Financial Reporting Council’s (FRC) oversight of the audit profession has been dubbed everything from ramshackle to timid, to lacking in any real pace or direction. The poor auditing practices of the […]
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Companies face new reporting and governance targets Companies have been urged to improve their corporate reporting and governance practices in a new report from the Financial Reporting Council. The FRC published its Annual Review of the UK Corporate Governance Code on Thursday (9 January) with a list of recommendations for businesses. It said that a […]
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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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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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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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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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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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