Friday 16 December 2016

UK: FRC draft plan and budget 2017/18

The Financial Reporting Council yesterday published for public comment its draft plan and budget for 2017/18: see here (pdf). The document states that improvements are needed in the operation and enforcement of the UK Corporate Governance Code (for which the FRC is responsible). The same is said about relevant law and regulation. Potentially significant changes to the Code may be required. The FRC also says that it will seek to involve a wider group of stakeholder in its work next year.  In this regard I have a suggestion: is it time for the FRC to review its own governance arrangements including the composition of its board?

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