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UK Corporate Governance Code

The Financial Reporting Council recently published the updated, renamed UK Corporate Governance Code which will apply to financial years beginning on or after 29 June 2010. 

Some of the main points include:

• guidance on a board’s responsibilities in setting a company’s risk appetite;

• a requirement to publish an agreed business model in the annual report concisely setting out the strategy for generating long-term value for shareholders;

• alignment of performance-related pay and the long-term interests of the company;

• a change in emphasis on the role of chairman and non-executive directors.  There are new principles on the leadership of the chairman and the responsibility of the non-executive directors and the time commitment expected of all directors;

• annual elections of non-executive directors;

• new principles on board recruitment regarding gender balance and diversity.

Please note that this information is provided for general knowledge only and therefore specific advice should be sought for individual cases.

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