Grant Thornton has published the seventh edition of its annual review of corporate governance disclosures by FTSE350 companies. Its review covered 306 companies and found that 44% stated that they complied fully with the Combined Code on Corporate Governance. Over three quarters of companies had a majority of non-executives on the board. There was also a reduction in the number of directors: the average of 8.5 was down from 9.5 in 2007. The review also found that 55 companies had audit committees where none of the members had recent and relevant financial experience. Combined Code provision C.3.1 provides that the board "should satisfy itself that at least one member of the audit committee has recent and relevant financial experience".
No comments:
Post a Comment