UK: FSA quarterly consultation published - some changes to the Listing Rules

The Financial Services Authority published its quarterly consultation paper yesterday: see here (pdf). The paper contains, amongst other things, proposed changes to the Listing Rules designed to make it clearer how the Rules are applied in areas such as major shareholder disclosure in the accounts and rights issue subscription periods.

Pakistan: Senate Finance Committee considers Code amendments

Last year the Securities and Exchange Commission of Pakistan (SECP) published for comment a revised edition of its 2002 Corporate Governance Code: see here (pdf). The proposed changes were discussed this week by the Senate Standing Committee on Finance. In a report of the Committee's meeting - available here - it is noted that the SECP may reconsider its recommendation that not less than one third, or three, whichever is higher, of the board should be independent directors.

Ireland: the Irish Corporate Governance Annex

Shortly before Christmas the Irish Stock Exchange published Listing Rules requiring Irish listed companies to comply or explain in respect of provisions found in a new Irish Corporate Governance Annex. Irish listed companies are also subject to the UK Corporate Governance Code on a comply or explain basis. For further information see here (pdf). The comply or explain requirement in respect of the Annex applies to companies with accounting periods commencing on or after 18 December 2010.

UK: an auditor's ceasing to hold office and section 519 of the Companies Act (2006)

Under Section 519 of the Companies Act (2006), an auditor ceasing to hold office in respect of a quoted company is required to deposit at the company's registered office a statement of the circumstances connected with his ceasing to hold office. An illustration of such a 'statement of circumstances' is provided in connection with KPMG Audit plc's decision not to seek reappointment as auditor for TUI Travel plc. The statement, published at the end of December and available here (pdf), explains how the auditor's relationship with some of the company's directors became "increasingly strained".

UK: listed company board diversity and the Davies review

Lord Davies will make recommendations next month designed to address the low proportion of women on listed company boards. A few days ago, on the Guardian newspaper website, he provided an update on his work and set out his thoughts on various matters: see here. For example, with regard to quotas, he noted that their use had proved successful in other countries and whilst he had not ruled them out as a recommendation he stated that he was not, at the moment, convinced that they were the right method to adopt.