London, 5 December 2017 – ICSA: The Governance Institute has today welcomed the Financial Reporting Council’s plans to update the UK’s Corporate Governance Code so that it is has a greater focus on the purpose of governance than on prescription.
Simon Osborne, Chief Executive of ICSA: The Governance Institute commented: “While there will no doubt be much debate on the detail, we strongly support the FRC’s aim of trimming back the Code.
“Companies must never make the mistake of overlooking the essentials, such as the need for the board to have the information and support necessary to operate effectively. However, it makes sense for the Code itself to be focused on the principles of good governance and the issues on which there is the most pressing need for attention, such as integrity, corporate culture and listening to stakeholders. ICSA’s recent guidance on how to get the stakeholder voice into the boardroom, produced jointly with the Investment Association, complements this new approach.
“As the professional body for company secretaries, the UK’s primary governance professionals, we recognise that our members have an essential role to play in helping to restore public trust and in working to ensure the long-term success of UK companies.”
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Notes to Editors:
- ICSA: The Governance Institute is the professional body for governance. We have members in all sectors and are required by our Royal Charter to lead ‘effective governance and efficient administration of commerce, industry and public affairs’. With over 125 years’ experience, we work with regulators and policy makers to champion high standards of governance and provide qualifications, training and guidance.
Website: www.icsa.org.uk - The Stakeholder Voice in Board Decision Making guidance is available on the ICSA website at www.icsa.org.uk/stakeholdervoice
