The Financial Reporting Council (FRC) has released a revised version of the Combined Code, or, as it is now called, the UK Corporate Governance Code.
Although the Code is strictly only applicable to companies with a Premium Listing (ex Primary Listing), corporate governance is very much high on the agenda for the FSA, as most firms receiving ARROW visits will be aware. Revisions include the responsibility on non-executive directors to provide effective challenge (section A4) and for remuneration incentives to be compatible with risk policies and systems (Schedule A) – both topics having featured in recent FSA outpourings.
The FRC has also published a ‘Revisions’ paper. Appendix A of this document summarises the main differences between the previous (2008) Code and the new Code. Appendix B shows where the provisions of the previous (2008) Code are located in the new Code together with an indication where the wording has changed.