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Corporate Governance Update: Implementing the Revised Combined Code on Corporate Governance

• Tags:
• board,
• code,
• provisions,
• committee

Overview The Financial Reporting Council has reorganised the Combined Code, putting much more emphasis on supporting principles and less reliance on extra Code provisions which would stimulate excessive box ticking. The revised Code is intended to apply to accounting periods beginning on or after 1 November 2003. The need for more flexibility in board and committee composition for companies outside the FTSE 350 has been recognised. Tough provisions are included. These require consultation with shareholders and explanation where a chief executive steps up to become chairman in the same company and, to support a key theme of the Higgs Report, a strong element of directors who meet a set of challenging independence criteria to be on the board.

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