UK: FRC consults on draft plan and budget 2012/13

The Financial Reporting Council is consulting on its draft plan and budget for 2012/13: see here (pdf). The Plan notes that the FRC Board and Government are close to reaching conclusions on the reform of the FRC, following a consultation which closed in January (responses for which are available here). These proposals are not considered in the Plan, which instead focuses on the FRC's activities for the year ahead. These include consultations on revised versions of the Corporate Governance Code and Stewardship Code as well as consultations concerning [a] the depth of commitment to stewardship by owners and institutional shareholders, [b] the value of company reports, and [c] the quality and reporting of the board’s assessment of risk (including the role of the auditor in this regard).