FRC position paper on corporate governance audit and reform – Corporate Governance

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Following the publication in May this year of the government’s response to its consultation on audit and governance reform (see our blog post here for more details), the FRC published a stand setting out the measures it will take to implement the reforms announced by the government.

In particular, the FRC intends to publish a consultation paper on changes to the UK Corporate Governance Code in the first quarter of 2023, in the expectation that the revised Corporate Governance Code will apply to financial reporting periods beginning on or after January 1, 2024. to the Governance Code will include strengthening of the information that the board is required to provide on the effectiveness of the company’s internal control systems and strengthening of the provisions of the Governance Code relating to the conditions for withholding executive compensation.

The FRC will also consult on necessary changes to the guidelines that support the Code of Governance, including its Guidelines on Board Effectiveness and Guidelines for Audit Committees.

A number of reforms set out in the government’s response will require primary and secondary legislation, the timing of which is not yet known. The FRC intends to implement the reforms through a single set of amendments to the governance code and to each standard and guidance for which it is responsible, and therefore recognizes that the timing of its consultations will be ultimately determined by the government’s legislative calendar.

We have produced a detailed briefing note on the government’s response to the audit and governance consultation, which is available here.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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