The regulation of corporate governance practices in the U.K. is “so light touch as to have very little impact at all,” according to the Association of Chartered Certified Accountants. There is “a very clear need for more robust regulation in this area,” the global accountancy body said.
The ACCA said regulators or the government should decide which parts of the country’s Combined Code on Corporate Governance should be made mandatory, either through market listing rules, by regulation, or by law. Currently the Code operates on a voluntary “comply or explain basis.”
