UK: Cranfield's Female FTSE Board Report 2018

The latest annual edition of Cranfield University's Female FTSE Board Report has been published: see here (pdf). To quote directly from the executive summary:

Since October 2017 the percentage of women on FTSE 100 boards has increased from 27.7% to 29%, meaning that if the current pace continues it is possible to reach the targeted 33% by the end of 2020. In total 264 women hold 305 directorships on FTSE 100 boards. The percentage of female NonExecutive Director (NED) positions is at the all-time high of 35.4%, whilst the percentage of female executive positions has flatlined at 9.7%. On a positive note, seven women hold a Chair position and 18 hold Senior Independent Directorships. A further 85 women hold 95 Chair roles on the various committees across FTSE 100 boards. In contrast, the percentage of women on FTSE 250 boards has only increased marginally from 22.8% in October 2017 to 23.7%, the percentage of female executive directorships has dropped from 7.7% to 6.4% and the number of all male boards has increased to ten. These present challenging conditions for meeting the 33% target in 2020."

UK: FRC publishes new edition of the UK Corporate Governance Code

The Financial Reporting Council yesterday published a new edition of the UK's Corporate Governance Code: see here (pdf). A summary of the key changes made in this new edition can be found here. An updated edition of the FRC's guidance on board effectiveness has also been published: see here (pdf).

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Apologies to readers for the absence of posts over the past few weeks (I have, amongst other things, been dealing with the aftermath of flash flooding in Birmingham). There is some catching-up to do, so expect some posts over the next few weeks to cover developments from earlier in the year.

UK: EAC report - 'Greening Finance: embedding sustainability in financial decision making'

The Environmental Audit Committee has today published its report Greening Finance: embedding sustainability in financial decision making: see here or here (pdf). The conclusions and recommendations are available here. The report calls on the Government to set a deadline for all listed companies and large asset owners to report on climate-related risks and opportunities (in line with the TCFD recommendations) on a comply or explain basis by 2022 (with appropriate changes to the UK Corporate Governance Code and UK Stewardship Code).

Japan: a new edition of the corporate governance code and new guidelines on investor and company engagement

A new edition of Japan's Corporate Governance Code was published today: see here (pdf). A copy of the new Code, with the changes highlighted, is available here (pdf). Also published today are Guidelines from the Financial Services Agency on investor and company engagement, designed to complement the new Code and the existing Stewardship Code: see here (pdf).

Europe: EFAMA publishes updated Stewardship Code

The European Fund and Asset Management Association (EFAMA) has published an updated edition of its Stewardship Code (as it is now known: it was first published as the 'Code for External Governance' in 2011): see here (pdf). The Code operates on the basis of 'comply or explain' and it has been updated to bring its language in line with the changes recently made to the Shareholders Rights Directive.