Earlier in January the United Kingdom’s Financial Reporting Council (FRC) published its annual report on corporate governance, “Developments in Corporate Governance and Stewardship 2016,” against what it called a “backdrop of falling public trust in business.”
Using tougher language than normal, the report said that although compliance with the U.K. Corporate Governance Code was high, “when boards choose not to follow provisions too many explanations are of poor quality.” “This suggests that some boards still need to do more,” adding that more focused reporting by boards on how they discharged their responsibilities was needed.
