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New rules a success

12 January 2012

The Financial Reporting Council (FRC) has revealed that there has been a high level of take up in the provisions of its new Corporate Governance Code. For example, some 80% of FTSE 350 boards have put all their directors up for annual re-election, demonstrating, says the FRC, the value of code in promoting behaviour change in the boardroom. Some 230 asset managers, asset owners and service providers have also signed up to the Stewardship Code in its first year. FRC chairman Baroness Hogg believes that UK plc is moving in the right direction. She said: “Our comply or explain model encourages the changes in behaviour and governance practice that helps to underpin confidence in the UK’s capital markets.”

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