25 March 2013
The Financial Reporting Council’s “Financial Reporting Lab” published on 5 March 2013 the results of its second project on reporting remuneration, “this time exploring the views of investors and companies on two new aspects of the draft reporting regulations on remuneration:
- scenario charts demonstrating how directors’ pay varies with performance, and
- a chart comparing CEO pay based on the single figure for remuneration, with company performance, measured using Total Shareholder Return”.
The Lab’s press release is here and the project report is here.
See also: A single figure for directors’ pay? FRC Financial Reporting Lab report#
Posted in Companies Act 2006 and company law, Directors, Regulators, Reporting and accounts |
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11 February 2013
From a Financial Reporting Council press release today:
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Posted in Regulators, Reporting and accounts |
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11 February 2013
Following HP’s allegations of “serious accounting improprieties, misrepresentation and disclosure failures” at its recently-acquired Autonomy business (which, together with Autonomy’s founder’s rebuttal, we reported on here), the Financial Reporting Council today launched an investigation:
“into the published financial reporting of Autonomy for the period between 1 January 2009 and 30 June 2011″.
The FRC’s press release is here. Autonony was traded on the London Stock Exchange throughout the period under investigation.
Posted in Companies Act 2006 and company law, Equity capital markets, Regulators, Reporting and accounts, Takeovers |
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8 February 2013
On 4 February 2013 the Financial Reporting Council issued a consultation paper ( accompanying press release here) proposing (in the words of the overview to the CP) to require the auditor’s report to:
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Posted in Companies Act 2006 and company law, Consultations, Equity capital markets, Regulators, Reporting and accounts |
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1 February 2013
On 30 January 2013 the Financial Reporting Council issued a consultation document on implementing the recommendations of the Sharman Inquiry on Going Concern and Liquidity Risks. The consultation document is here and the accompanying press release is here. From the press release:
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Posted in Consultations, Corporate governance, Directors, Equity capital markets, Regulators, Reporting and accounts |
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21 January 2013
The snappily-named Listing Rules Joint Working Party of the Company Law Committees of the Law Society of England and Wales and the City of London Law Society has published its response to the FSA’s October 2012 consultation on “Enhancing the effectiveness of the Listing Regime” (we discussed the consultation in this post).
See also: A new route to the UK IPO market: Government plans to relax rules to attract high-growth companies to list on London
Posted in Consultations, Corporate governance, Directors, Equity capital markets, Lawyers |
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4 January 2013
The Financial Reporting Council published on 19 December 2012 its annual report monitoring developments in corporate governance. The report is here and the accompanying press release is here.
From the press release:
“The Stewardship Code has been a catalyst for greater engagement between companies and their shareholders in 2012. Introduced in 2010, there are now over 250 signatories to the Code, including most major institutional investors.
This is one of the conclusions in the Financial Reporting Council’s annual report on its monitoring of developments in corporate governance, published today.
The FRC also found strong take-up by companies of the recommendations introduced to the UK Corporate Governance Code in 2010. Ninety-six per cent of FTSE 350 companies now put all directors up for re-election every year, and the majority of those companies will have the effectiveness of their board independently reviewed at least every three years. Overall compliance with the Code among listed companies of all sizes remains high.”
From the Introduction to the report:
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Posted in Corporate governance, Equity capital markets, Regulators |
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4 December 2012
Posted in Regulators, Reporting and accounts |
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6 November 2012
The Financial Reporting Council has published a collection of essays by various worthies to make the 2oth anniversary of the UK Corporate Governance Code – which made its first appearance as the “Cadbury Code” in 1992. The essays can be read here.
Posted in Corporate governance |
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15 October 2012
On 15 October 2012 the Financial Reporting Council published a discussion paper ‘Thinking about financial reporting disclosures in a broader context’. The FRC press release is here and the discussion paper is here.
From the FRC press release:
“The paper aims to improve the quality of financial reporting disclosures. The paper sets out a road map for a disclosure framework for financial reporting aimed at improving the quality of disclosure and their value to the users. In particular, the paper covers the reduction of clutter in financial reports by avoiding duplication in disclosures and using tests of materiality more rigorously.”
The consultation period on the paper closes on 31 January 2013.
See also: A single figure for directors’ pay? FRC Financial Reporting Lab report
Financial reporting for the smallest businesses: Government will consult on taking advantage of the new European regime
The FRC’s Financial Reporting Lab: A pragmatic approach to improving company reporting
Financial reporting: Regulator issues reminder of the fundamental importance of “true and fair”
“Cutting clutter” from annual reports: Financial Reporting Council recommendations
Posted in Companies Act 2006 and company law, Regulators, Reporting and accounts |
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2 October 2012
In a new consultation paper published today, the Financial Services Authority – in its guise as the UK Listing Authority – has announced that it is consulting on:
- changes to the free float requirements for both the premium and standard listing segments on the Main Market; and
- introducing a new controlling shareholder concept.
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Posted in Consultations, Corporate governance, Directors, Equity capital markets, Regulators, UK government |
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1 October 2012
The Financial Reporting Council confirmed on 28 September 2012 that it is going ahead with changes to the UK Corporate Governance Code and the Stewardship Code. These changes were consulted on in April 2012, as we discussed here. The changes to both Codes are ”intended to increase accountability and engagement through the investment chain”. The FRC’s press release is here.
The new version of the Governance Code is here and the new version of the Stewardship Code is here. The updated Codes apply from 1 October 2012.
The FRC has also published an updated edition of its Guidance on Audit Committees to reflect the changes to the UK Corporate Governance Code, and will carry out further consultation on whether changes are needed to those parts of the UK Corporate Governance Code dealing with remuneration when the Government’s legislation on remuneration reporting and voting has been finalised. Any changes following this consultation will be effected in the next edition of the Code.
UK Corporate Governance Code
Here is the FRC’s summary of the changes to the Governance Code:
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Posted in Companies Act 2006 and company law, Consultations, Corporate governance, Equity capital markets, Regulators, Reporting and accounts |
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