The following Corporate practice note Produced in partnership with Advanced Boardroom Excellence provides comprehensive and up to date legal information covering:
The UK Corporate Governance Code (UKCG Code) of the Financial Reporting Council (FRC) sets out standards of good governance in relation to board appointments and succession planning.
In July 2018, the FRC published a revised version of the UKCG Code, which applies to premium listed companies with accounting periods beginning on or after 1 January 2019 (although companies could choose to comply with some or all of the provisions before this date). The FRC also published an updated Guidance on Board Effectiveness.
The UKCG Code applies, on a comply or explain basis, to all UK and overseas companies with a premium listing of equity shares in the UK. See Resource Note: 2018 UK Corporate Governance Code—Introduction.
For general information on the application, purpose and provisions of the UKCG Code, related recommendations and guidance issued by the FRC and other organisations active in the governance sphere and recent and expected developments in corporate governance, see Practice Note: The UK Corporate Governance Code.
This Practice Note looks at the principles and provisions of the UKCG Code on the appointment of executive and non-executive directors of listed companies, and the key principles to be applied by the nomination committee when selecting and recommending candidates. It also examines related issues such as succession planning, directors' due diligence, induction, training, time commitment and re-election.
For details of the law and practice on the appointment
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