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Shorter and sharper
04 December 2017
The FRC has published what it hopes is a shorter and sharper revised UK Corporate Governance Code.
The code focuses, says the FRC, on the importance of long-term success and sustainability, and tries to address the issues of public trust in business.
The FRC now wants boards of companies to undertake ‘effective engagement’ with wider stakeholders, to improve trust and achieve mutual benefit. This means having a regard to wider society too. There is now also a stated need to gather views of the workforce.
When there is specific opposition on any resolution at an AGM the code wants to see more ‘specific’ actions from boards. Remuneration committees have also been given broader responsibility and discretion for overseeing how remuneration and workforce policies along with strategic objectives.
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