What will change and why?
The New UK Corporate Governance Code 2019 Course Content:
The objectives of the Code review and consultation are:
- to “shorten and sharpen” the Code;
- to put more emphasis on the long-term success of a company instead of “reactionary risk management” as consequence of corporate scandals;
- seek more effective reporting on section 172 Companies Act 2006 (the duty of directors to promote the success of the company with a background of “enlightened shareholder value”); and
- put the focus of the Code back onto the Principles as opposed to a “tick-box” approach to the Provisions.
As was anticipated, the new Code focuses on corporate culture, stakeholder engagement, long-term decision-making, remuneration committees and diversity.
The FRC is also consulting on updated guidance on board effectiveness and will be consulting on their Stewardship Code following the Code consultation.
This course can be presented in-house via live webinar.
This course will consider:
- The backdrop to the new Code
- The implementation of the other aspects of the Government’s Corporate Governance reform
- How the current Code and the new Code compare
- Key areas of change e.g. remuneration and stakeholder voice.
- Supporting FRC guidance and other related guidance, e.g. published by the Investment Association.
Once the new Code has been finalised, we will revise this course outline accordingly. However, given the tight timescale between publication and applicability, we are marketing this essential update course ahead of time.
The New UK Corporate Governance Code 2019 Course Summary:
On 5th December 2018, following the government’s corporate governance reform proposals, the Financial Reporting Council (FRC) published a revised UK Corporate Governance Code for consultation. The consultation will close on 28th February 2018. The FRC plans to publish the final revised Code by July 2018, with the new Code applying to reporting periods falling after January 2019.
The proposed new Code is substantially different in both content and structure, addressing the government’s recommendations and other hot topics in the corporate governance debate such as diversity and board culture.
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