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The Financial Reporting Council issues new Governance Standards for Listed Companies
The Financial Reporting Council has issued a new UK Corporate Governance Code to replace the previous Combined Code. Changes to the Code include a clearer statement of the board’s responsibilities relating to risk, a greater emphasis on the importance of getting the right mix of skills and experience on the board, and a recommendation that all directors of FTSE 350 companies be put up for re-election every year.
The Centre for Corporate Governance particularly welcomes the new requirements introduced in Principle B.4 and Code Provision B.4.2 of the UK Code to the effect that all new directors should regularly update and refresh their skills and knowledge and that Chairman should regularly review and agree directors’ training and development needs. In this respect, the Centre for Corporate Governance would be pleased to provide courses (customised to individual board/director needs or our standard Director Development half day offerings) to meet these new requirements.
Principle B4–Development
All new directors should receive induction on joining the board and should regularly update and refresh their skills and knowledge
- Full, formal, tailored induction on joining board (B.4.1)
- Chairman regularly review and agree directors’ training and development needs (B.4.2)
