Friday 31 January 2014

UK: external board evaluations - draft code of practice published

A draft code of best practice for the conduct of independent external board evaluations has been published for discussion and comment: see here (pdf). The code has been prepared by the consultancy firm Advanced Boardroom Excellence and its purpose is to establish a coherent framework within which companies and consultancies can work together effectively.

Provision B.6.2 of the UK Corporate Governance Code 2012 provides: "Evaluation of the board of FTSE 350 companies should be externally facilitated at least every three years. The external facilitator should be identified in the annual report and a statement made as to whether they have any other connection with the company."

No comments: