Corporate weekly highlights—23 February 2017

Corporate weekly highlights—23 February 2017
Welcome to the weekly highlights from the Lexis®PSL Corporate team for the week ending 23 February 2017, which provide news updates and a comprehensive list of dates for your diary. This week’s edition features: the announcement that the FRC will undertake a review of the UK Corporate Governance Code and its response to the government’s Green Paper on corporate governance reforms, ICSA’s report on ‘untangling’ UK corporate governance, IOSH’s response to the government’s Corporate Governance Reform Green Paper proposing linking executive pay and bonuses to occupational safety and health performance, the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017, and the Takeover Panel’s agreement with Unilever and Kraft Heinz on the basis on which disclosures should be made under the Takeover Code.

Headlines (News updates & analysis)

Corporate governance

UK Corporate Governance Code to undergo review

A fundamental review of the UK Corporate Governance Code has been announced by the Financial Reporting Council (FRC), taking into account work done by the FRC on corporate culture and succession planning. The aim of the review is to build on the Code's recognised strengths while considering the appropriate balance between its principles and provisions and the growing demands on the corporate governance framework.

The FRC will highlight the importance of helping boards take better account of stakeholder views, linking executive remuneration with performance, and extending the FRC's enforcement powers to ensure that disciplinary action can be taken against all directors where there have been financial reporting breaches. The FRC will also seek input from a range of stakeholders to help guide the review.

The FRC will begin a consultation on its proposals later in 2017, based on the outcome of the review and the government’s response to its Green Paper.

Yesterday, the FRC published its response to the government's Green Paper on corporate governance reforms. The response states that the UK corporate governance framework is respected worldwide, and any changes need to build

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