- 26 Jul 2023
UK Corporate Governance Code what changes have been proposed and do they go far enough?
The first changes to the UK Corporate Governance Code in five years have been proposed following last year’s consultation on Restoring Trust in Audit and Corporate Governance
The government has invited the Financial Reporting Council (FRC) to strengthen specific areas of the UK Corporate Governance Code. In response the FRC has launched a public consultation on the proposed revisions.
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Join us at our upcoming webinar, hosted in conjunction with the Centre for Corporate Governance, to learn how these changes could affect your responsibilities and duties as a company director.The FRC’s proposed revisions include:
- Setting out a revised framework of prudent and effective controls to provide a stronger basis for reporting on and evidencing their effectiveness
- Improving the functioning of comply-or-explain, taking account of recently published FRC research and reports
- Making necessary revisions to reflect the responsibilities of the board and audit committee for sustainability and ESG reporting, and associated assurance in accordance with a company's audit and assurance policy
- Updating the Code to ensure that it aligns with changes to legal and regulatory requirements as set out in the Government's response to the White Paper, including strengthening reporting on malus and clawback arrangements.
Our event on 26 July will consider the FRC’s proposed revisions which aim to enhance the Code’s effectiveness in promoting good corporate governance. We will also examine what action is needed in the face of changes within the business environment over the past five years.
Chris Hodge, Senior Governance Advisor at IoD Centre for Corporate Governance
Chris Hodge is a special advisor to the IoD's Centre for Corporate Governance.
In addition to working with the Centre, Chris is an advisor to the corporate governance services arm of Morrow Sodali, and works with development agencies and local regulators to raise standards of corporate governance in emerging markets.
Between 2004 and 2014 Chris was Director of Corporate Governance at the Financial Reporting Council, where he was responsible for revising and monitoring the use of the UK Corporate Governance Code.
David Styles, Director, Corporate Governance and Stewardship at FRC
David started at the Financial Reporting Council in May 2014 as Director, Corporate Governance and Stewardship. He was previously a civil servant in the Department for Business, Innovation and Skills for nearly 30 years.
During his career he has held a number of posts dealing directly with a variety of businesses and industry sectors, including, from 2001 – 2011, Assistant Director in the Corporate Law and Governance Directorate with responsibility for policy on directors’ remuneration, shareholders’ rights and corporate governance, including European and international negotiations on these issues.
Jessica Dahlstrom, Senior Manager Corporate Governance
Jessica joined the FRC in January 2023 as a Senior Manager in the Corporate Governance team. She has worked in the public and private sectors as an economist and governance expert, advising government, regulators and private investors on regulation and risk. Prior to joining the FRC, she was chief of staff and director of corporate affairs at Guy's and St Thomas' Hospital, where her role included providing advice and support to the chief executive as well as overseeing changes to the corporate governance framework during a period of mergers and organisational change.
Paul Lee, Head of Stewardship and Sustainable Investment Strategy at Redington
Paul Lee is Head of Stewardship and Sustainable Investment Strategy at Redington, responsible for the delivery of stewardship and sustainability services to pension fund and other asset owners.
Paul has spent more than 20 years delivering ESG and stewardship work. At Hermes he helped create and build its world-leading Equity Ownership Services (EOS) business, and after a brief spell as Head of Investment Affairs at the National Association of Pension Funds he joined Aberdeen Asset Management as its first global head of governance and stewardship.
Paul is also one of three investor members of the UK Endorsement Board, charged with deciding on the adoption of IFRS accounting standards for application in the UK.
Susannah Haan, Senior Corporate Governance Advisor at CIPD
Susannah is the Senior Corporate Governance Adviser to the CIPD, having worked for companies, investors and regulators to influence public policy and create long-term change, improving corporate and investor reporting and accountability to company shareholders and investor clients.
She has worked in London, Moscow and Brussels. Previous roles include: board member at PWN Global, business angel at Rising Tide Europe, Secretary General at EuropeanIssuers, Adviser to the Financial Reporting Council on the introduction of the Stewardship Code for institutional investors, Associate Director of Public Policy at Fidelity International, Senior Legal Adviser at Clifford Chance and Lawyer at Clifford Chance.
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