UK: GC100 submission to the Walker Review

GC100 - the Association for the General Counsel and Company Secretaries of FTSE100 companies - has published its submission to the Walker Review: see here (Word). The GC100 notes (echoing, unsurprisingly, the views of ICSA noted yesterday):

... the consensus is that there is already adequate prescription around corporate governance practices, and the most effective change would be to ensure that NEDs and Boards exhibit the right behaviours, in particular creating an environment where constructive challenge is always welcomed and encouraged. These behaviours should be encouraged rather than prescribed. In practice, it is extremely difficult to try to codify proper behaviours. Further, there is a risk that the available gene pool of NEDs would otherwise be further reduced and a form over substance culture result".