Corporate governance reviews
A roundup of current and recently concluded corporate governance reviews and inquiries.
There are no current ongoing reviews into Corporate Governance.
However there are several reviews of Audit ongoing:
Recently concluded consultations
Corporate governance: delivering on fair pay inquiry
The Business, Energy and Industrial Strategy (BEIS) Committee launched an inquiry on 22 March 2018. The inquiry investigated:
- the compliance by business with reporting requirements on the gender pay gap and to consider what steps they are taking to address the gap;
- the implementation of the recommendations on executive pay by the previous Committee in its 2017 report on Corporate Governance and recent developments on executive pay;
- the effectiveness of Remuneration Committees and institutional investors in combatting excessive executive pay.
Wates Corporate Governance Principles for large private companies
The Financial Reporting Council launched a consultation in June 2018, following the Government's 2016 Green Paper and BEIS Select Committee report of 2017 which identified the need for greater transparency and accountability in large private companies which were not currently covered by the UK Corporate Governance Code. The consultation is chaired by James Wates CBE, Chairman of the Wates Group. The Principles were published on 10 December 2018
Revised UK Corporate Governance Code
The FRC announced plans for a comprehensive review of the UK Corporate Governance in February 2017. The public consultation ended on 28 February 2018. The publication of the revised code was announced on 16 July 2018.
BEIS Corporate Governance Inquiry
The Business, Energy and Industrial Strategy Select Committee launched an corporate governance inquiry in September 2016. The three main areas to be explored were: Directors duties; Executive pay; and Composition of boards. The report was published in April 2017 and the governments responded in September 2017.
Corporate governance reform
The Department for Business, Energy and Industrial Strategy published a green paper on Corporate Governance reform in November 2016. The green paper covered three main areas: executive pay; Strengthening the employee, customer and wider stakeholder voice; Corporate governance in large privately-held businesses. The consultation closed 17 February 2017 and the Government response was published 29 August 2017.