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ACCA Calls for Robust Governance Regulation

Global Glimpses | June 5, 2009

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.”

Corporate governance in general, and not just within financial institutions, “has let us down,” said the ACCA submitting its formal response to the Financial Reporting Council’s review of how well the Code is working.

Professor Andrew...

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