The Financial Reporting Council has today published commissioned research which set out to explore the impact of the revised UK Stewardship Code: see here (pdf). The research concludes that there has been a positive impact on the practice and reporting of asset managers and owners. For a short overview of the research findings, see here.
A new edition of the Mongolian corporate governance code has recently been published by the Financial Regulatory Commission: see here.
The new edition of the German Corporate Governance Code, released earlier this year by DCGK, has now come into force following its publication yesterday in the Federal Gazette. A copy of the Code, in English, is available here; a copy in German is available here.
The House of Commons Public Administration and Constitutional Affairs Committee has this week launched an inquiry to examine the role and regulation of non-executive directors in Government departments. As part of the inquiry, the Committee will consider NEDs' influence, responsibilities and background; how NEDs are appointed and held accountable will also be considered. For further information, see the inquiry website or the call for evidence.
The Law Commission for England and Wales has today published a paper setting out options for reform in respect of the criminal liabliity of companies. The paper does not make recommendations but provides, instead, ten potential reforms. These reforms include (a) permitting conduct to be attributed to a company if a member of its senior management engaged in, consented to, or connived in the offence; (b) introducing an offence of failure to prevent fraud by an employee or agent; and (c) introducing a reporting requirement requiring large corporations to report on anti-fraud procedures. Some potential reforms have been ruled out, including adopting models of attribution based on corporate culture or the principle of respondeat superior.
For further information, see: press release | full options paper (pdf) | summary of options paper (pdf).
