UK: ICAEW proposes a 'framework code' for corporate governance

The ICAEW has published the fifth and final paper in its thought leadership series on corporate governance: see here (pdf). In the paper, the ICAEW sets out the case for what it calls a 'framework code': a set of fundamental principles the purpose of which is to promote a good culture of corporate governance across society and within companies. According to the ICAEW, a framework code:

"... would apply to everyone in corporate governance [and] would typically include directors, shareholders, auditors, and remuneration and recruitment consultants. Where specific codes already exist, they should be tested against the framework code. A framework code would also cover all intermediaries in the investment chain, such as proxy agents, as well as other types of finance providers such as bondholders and lenders, the media, professional bodies, NGOs, governments and regulators in so far as their actions affect corporate governance at individual companies or more widely..".