- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Financial Reporting Council this week published proposals for a revised U.K. corporate governance code to reflect the changing business environment and help U.K. companies achieve the highest levels of governance, with corporate culture being a new key focus.
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The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.
U.K. regulator the Financial Reporting Council’s annual review shows many of Britain’s largest companies use a “tick-box” approach to compliance with the U.K. Corporate Governance Code—often providing scant explanations and little detail.
The Carillion collapse illustrates once again that compliance with the U.K. corporate governance code does nothing to prevent bad actors from making bad decisions.
