The paper also provides an overview of the reforms announced by the government in August and provides an update on timescales.
Although this code is tailored to meet the needs of small and mid-size quoted companies, it states that it can be adapted for use by privately owned companies particularly those that are considering an IPO. The timing of this revised code is helpful because, from 28th Septemberthe London Stock Exchange is requiring each AIM company to state on its website along with the other Rule 26 information and documents the corporate governance code that the company applies, how the company complies and explain why, where it does not comply, with that code.
The company must review this information annually. Until now, AIM companies have had the choice of either noting on their website which corporate governance code they followed, or merely stating they did not follow a code and setting out their own arrangements.
Now each AIM company will have to choose a code. The QCA code is now an option for them. Which corporate governance codes have small and mid-size companies followed to date?
We understand that many small and mid-size companies find that this code is unsuitable for their size and stage of development.
However that code is currently under review and we await publication of the revised version later this year. It is a valuable reference for growing companies wishing to follow good governance practice. At only 22 pages it covers what we would regard as the essentials with enough explanation to give the reader a good understanding of how to apply it to their governance structures.– The audit committee is one of the most prominent board sub‐committees, having a potentially important role to play in ensuring sound corporate governance.
AFEP-MEDEF Corporate governance code of listed corporations (Revised June ).
Code of Corporate Governance. Code of Corporate Governance (PDF, KB) (Issued on 6 August ) Practice Guidance (PDF, KB) (Issued on 6 August ) The Code of Corporate Governance (the "Code") came under the purview of MAS and SGX with effect from 1 September Today the FRC publishes proposals for a revised UK Corporate Governance Code (PDF) to reflect the changing business environment and help UK companies achieve the highest levels of governance.
The Code is shorter and sharper and builds on the findings from the FRC’s Culture Report published in The revised Code focuses on the . The Netherlands has approved a revised corporate governance code that gives a central role to long-term value creation and the development of corporate culture to promote good corporate governance.
Of particular note is the important role of the Company Secretary in the revised code: London, 16 July – ICSA: The Governance Institute has today issued commentary on the Financial Reporting Council’s updated UK Corporate Governance Code and its Guidance on Board Effectiveness.