Grant Thornton has published its FTSE350 Corporate Governance Review 2009: see here (pdf). The Review examines companies' compliance with the Combined Code and disclosure in this regard. It notes that 47% of companies reported that they were fully compliant with the Code. The quality of disclosure remains, nevertheless, an issue according to the Review, with only 29% of those companies claiming full compliance providing the disclosures needed to support their claim. Amongst the other finding reported are:
- The average FTSE 350 board has 5.2 non-executive directors compared to 3.3 executive directors, although 80 companies did not have at least half the board made up of independent non-executive directors for the entire year.
- 31 companies, including eight in the FTSE 100, did not disclose who on the audit committee had recent and relevant financial experience.
- Three FTSE 100 and 13 Mid 250 companies changed their auditors during the year.
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