UK Corporate Governance—under review

UK Corporate Governance—under review

Corporate analysis: With the government adopting a stern tone on the importance of good behaviour in the corporate world, the Financial Reporting Council (FRC) has begun a review that will help inform responses to a recent green paper that seeks to address the issue. Stressing an increasing emphasis on transparency and reporting, and the spectre of shareholder concerns over executive pay, Eleanor Davison, of Fountain Court Chambers, presents an overview of what lies in store for companies and their lawyers.

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Original news

FRC response to Green Paper on corporate governance reforms, LNB News 22/02/2017 95

The FRC highlights the interests of stakeholders, executive remuneration, the accountability of large private companies and effective enforcement as key themes in its response to the government’s Green Paper on Corporate Governance reforms. The FRC’s response proposes reforms regarding the interests of major stakeholders, executive remuneration, large private companies and effective enforcement of the law.

What is the factual background that led to this review?

In her conference speech in October 2016 the Prime Minister stated that her vision was ‘a country that works for everyone.’ In relation to businesses, she observed ‘too often the people who are supposed to hold big business accountable are drawn from the same, narrow social and professional circles as the executive team. And too often the scrutiny they provide is not good enough.’ Since that speech, a green paper on Corporate Governance Reform has been published by the Department for Business, Energy and Industrial Strategy (BEIS), a consultation on the implementation of the Non-Financial Reporting Directive 2014/95/EU has been concluded and a call for evidence on reform of corporate liability is underway. 2017

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