UK: FRC annual report and confidence in corporate governance

The Financial Reporting Council has published its 2008/09 annual report. As well as the usual update on developments the report refers to the results of a survey of 301 FRC stakeholders (including quoted company directors, auditors, investors, actuaries and pension scheme trustees). The report notes (to quote directly from it):

... the survey results indicated that levels of confidence in corporate governance, corporate reporting and auditing have reduced compared to last year, although not dramatically. The most significant change compared to the 2008 survey was the decrease in the proportion of respondents who were “very confident” rather than “fairly confident” in corporate governance and corporate reporting. Around half of those respondents reporting a decrease in confidence in corporate governance and corporate reporting cited problems in the financial sector as the reason".