UK: Financial Reporting Council plan and budget 2012/13

The Financial Reporting Council has published its plan and budget for 2012/13: see here (pdf). The plan provides a strong defence of the UK's corporate governance framework but nevertheless identifies the following areas for improvement: the depth of commitment to stewardship by institutional shareholders; the value and accessibility of company reports; and the quality and reporting of boards’ assessment of risk, including the role of the auditor in this.