The Financial Reporting Council should reject calls to radically revamp its Combined Code on Corporate Governance, according to some of the U.K.’s leading listed companies.
The corporate regulator announced a review of the Code earlier this year after criticism that poor governance was a major cause of the financial crisis. Regulation of governance had been “so light touch as to have very little impact at all,” said the Association of Chartered Certified Accountants in a letter accompanying its submission to the review. And proxy consultancy PIRC called for a “fundamental reform” of the Code.
