Paul Hodgson explores the Institute of Directors reissuance of its governance guidance for private companies, with updated references to the OECD governance principles and the Bribery Act. Oliver Parry, IoD’s Head of Corporate Governance, warns: “You can ignore it, but we are telling most private businesses that they need to follow it.
Paul Hodgson
Posted inEthics & Culture
FRC issues new Audit Firm Governance Code
The U.K. Financial Reporting Council has updated its Audit Firm Governance Code in an effort to improve investors’ faith in accounting practices. Paul Hodgson reports.
Posted inEurope
U.K. CEO pay: rebuilding trust between owners and managers
Two reports issued last week strongly criticized U.K. executive pay. But, perhaps more importantly, both also welcomed many of the new Tory Prime Minister Theresa May’s proposals on pay and corporate governance. Paul Hodgson has more.
Posted inEurope
Sports Direct is a Victorian workhouse or a gulag, not a warehouse
A case of shocking workplace conditions within a European Union-era United Kingdom raises an unsettling question, says Paul Hodgson: Once Brexit occurs, will cases like this become more likely?
Posted inInternal Controls
BHS: asset strippers, chancers, and governance failures
Parliament released a scathing report on the sale and management of retail chain BHS in late July. The report, says Paul Hodgson, led to calls for someone to be stripped of his knighthood—a first in Parliament history.
Posted inEthics & Culture
Monitoring corporate culture
A recent report from the Financial Reporting Council offers guidance to board chairmen on how to promote corporate culture. The report advises boards to align values, exercise steardship, and demonstrate leadership, among other steps. Paul Hodgson provides an in-depth look.
Posted inAccounting & Auditing
Audit quality improves as a result of oversight and regulation
Revised EU audit rules have formalized the Financial Reporting Council’s role as the United Kingdom’s competent authority for audit. This and more developments have created a regulatory regime that is actually improving audit quality across the board. Paul Hodgson has more.
Posted inEurope
EU tackles tax abuse in the wake of Panama Papers
The Panama Papers document leak shed much light on a deep and pervasive effort to evade taxes. Since then, the European Union has passed a number of new rules to improve tax transparency and close tax loopholes. According to CW’s Paul Hodgson, the EU is only just getting started.
Posted inEurope
Change to U.K. CEO pay or regulation seen as inevitable
As experts examine what really drove the Brexit-empowering “leave” vote, a recent PwC report shows that widespread dissatisfaction with what is seen as excessively high levels of top executive pay in the U.K. is an issue larger than the Brexit itself. It pinpoints something companies can address on their own…or wait for regulators to do it for them. Paul Hodgson has more.
Posted inEurope
Theresa May’s post-Brexit, Euro-style governance reforms
Out of the post-Brexit chaos, Home Secretary Theresa May is poised to become the new U.K. Prime Minister. She supported Remain, but stands by Brexit, so where will she steer the ship? Her first speech gives some indicators, and Brexiters might not like the sound of them. Paul Hodgson has more.
