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Report: 40 pages
Free to download
Published by: Financial Reporting Council
The FSA’s Listing Rules require UK companies listed on the London Stock Exchange Main Market to explain in their annual report how they have applied the principles of the Combined Code on Corporate Governance. They must also justify any non-compliance with the Combined Code’s provisions. The requirements of Overseas companies listed on the Main Market are less onerous but, from April 2010, those with a Premium Listing will face similar requirements to UK companies.
The Combined Code sets out a widely recognised framework for good corporate governance and covers areas such as the structure, balance and role of the unitary board, board remuneration, accountability of the board, risk management, internal control, audit, and the board’s relationship with the shareholders.
In March 2009 the FRC announced a review of the Combined Code, as a result of which it proposes to make a number of revisions to the Code. Consultation on these proposals ended on 5 March 2010.
Subject to the outcome of consultation it is intended that the revised Code - which will be known as the UK Corporate Governance Code - will apply to financial years beginning on or after 29 June 2010.
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