The UK’s corporate governance landscape could be set for set for a wholesale changes after the Financial Reporting Council (FRC) announced a wide-ranging review of the corporate governance code. This will take into account the regulator’s recent work on corporate culture and succession planning, as well as the issues raised in the government’s green paper and the […]
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The Financial Reporting Council (FRC) has said it is ready to make further changes to the UK’s corporate governance code to reflect concerns about the role of companies within society and to improve public trust in its annual report, Developments in Corporate Governance and Stewardship 2016. The report, published as the FRC marks 25 years since the […]
Read MoreKeith Hellawell, Sports Direct chairman, has hit out at the company’s critics in its half year results and stated that: “I have no doubt that the extreme political, union and media campaign waged against this company has not only damaged its reputation and influenced our customers, it has impacted negatively on the morale of our people.” Hellawell failed […]
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The Financial Reporting Council has recommended a series of changes that are needed to improve the UK’s governance regime. In a letter to the Business, Energy and Industrial Strategy (BEIS) select committee the FRC has said that Section 172 of the Companies Act should be made more effective to ensure that directors take account of the views […]
Read MoreThe Financial Reporting Council (FRC) has commenced an investigation into retailer Sports Direct’s accounts following reports earlier this year that there was an arrangement between Sports Direct and Barlin Delivery which was not disclosed as a related party in the company’s 2016 financial statements. Barlin Delivery is managed by John Ashley, brother of Sports Direct founder, […]
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South Africa’s corporate governance guidance, the King Report IV, has been radically revised in its latest version. According to the Institute of Directors in Southern Africa (IoDSA) the report is considerably more accessible, making it applicable beyond public companies. The IoDSA said King III’s 75 principles have been reduced to a mere 16 in King IV, with […]
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It is important for the UK to continue to retain its reputation across the globe for the trustworthiness of corporate reports and for audit quality which attracts investment, Sir Win Bischoff, the Financial Reporting Council’s (FRC) chairman said at the recent Financial Services Brexit Summit. Bischoff said that as the UK moves towards Brexit the […]
Read MoreThe UK’s Financial Reporting Council (FRC) is consulting on its conduct committee’s operating procedures for reviewing company reports and accounts. The conduct committee is a committee of the FRC Board established under the Articles of Association. The committee has a statutory duty to carry out reviews of the company reports and accounts to ensure they are […]
Read MoreThe UK’s Financial Reporting Council (FRC) has revised the audit firm governance code aiming to improve its visibility, relevance to investors and increase its alignment to the UK’s corporate provenance code. This follows a review carried out into the implementation of the original 2010 code between 2014-2015 and a consultation into the draft revised code published last December. […]
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A strong corporate culture that is embedded throughout a company and reinforced with strong leadership by the chief executive and chairman can produce long-term value for businesses a study by the Financial Reporting Council has found. The report, based on a series of interviews with company secretaries, chairmen and chief executives, explores the relationship between corporate […]
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