In May, the UK Financial Reporting Council (FRC) launched a consultation on a revised Corporate Governance Code for the first time in five years. The exercise aimed at bolstering board accountability and driving improvements to internal risk controls and other governance mechanisms.
However, citing the need to protect competitiveness, CEO Richard Moriarty has recently announced that the soon-to-be-released final version of the Code would drop over half of the 18 initially proposed reforms. The scrapped proposals include heightened diversity reporting requirements and new audit committee responsibilities for environmental, social, and governance (ESG) issues.
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