FRC launches consultation over changes to governance rules April 19, 2012 THE FINANCIAL Reporting Council (FRC) has this morning launched a widespread consultation on changes to the rules governing auditors and corporate stewardship, but has stopped short of proposing binding regulation. The regulator is planning to update the UK’s 20-year old corporate governance code, as well as revising aspects of the stewardship code – introduced in [...]
Auditors need to pitch again every 10 years September 27, 2012 BRITAIN’S biggest companies should put their audit contracts out to tender at least once a decade, the Financial Reporting Council said as it set out a major overhaul of its guidance today. The regulator also calls on boards to end the practice of trumpeting positive news in annual reports, while keeping other figures hidden among [...]
Auditors need to pitch again every 10 years September 27, 2012 BRITAIN’S biggest companies should put their audit contracts out to tender at least once a decade, the Financial Reporting Council said as it set out a major overhaul of its guidance today. The regulator also calls on boards to end the practice of trumpeting positive news in annual reports, while keeping other figures hidden among [...]
Bean counters cut the clutter September 26, 2012 ACCOUNTANTS have listened to a campaign to “cut clutter” from company reports, the Financial Reporting Council said yesterday. But the council remains worried about the reporting quality of some smaller listed firms, after reviewing 326 sets of accounts last year. The FRC is this week expected to call on companies to regularly put their audit [...]
FRC to look into tougher comply or explain policy February 14, 2012 THE FINANCIAL Reporting Council (FRC) has issued research suggesting companies should provide greater detail when they choose to exempt themselves from corporate governance procedures. The regulator, which has responsibility for promoting the UK Corporate Governance Code, will now consider the proposals as part of an ongoing process to revise its guidelines. The research noted that [...]
VOTES ON TOP PAY June 20, 2012 ■ Shareholders in publicly listed UK firms will get a binding vote on directors’ pay policy every three years. ■ They will vote on the whole package, covering salaries, bonuses and exactly what determines the level of pay. ■ That includes severance packages, in an effort to end “rewards for failure” when unsuccessful bosses leave [...]
Finance regulator gains powers March 27, 2012 ■ The government is speeding up plans to streamline the Financial Reporting Council (FRC), giving the cumbersome auditing and corporate governance watchdog a bigger stick to rein in rule-breakers and help shape European Union laws. The FRC covers a range of supervisory activities from punishing auditors for rule breaches and checking up on accountants and [...]
Shareholder activism is set to grow further June 12, 2012 INSTITUTIONAL investors are taking an increasingly active role in the firms in which they invest, according to new research that shows the changes in attitude that paved the way for the shareholder spring. Investors are more likely than ever to demand firms provide clarity on long-term strategy and redraft executive pay deals to incentivise good [...]
FRC changes audit rules September 1, 2011 COMPANIES will have to put their contract for a new auditor out to tender once every decade or explain why they have not, under new proposed corporate reporting rules published yesterday. But the Financial Reporting Council scrapped plans to stop companies printing hard copies of annual reports as part of the overhaul, after opposition from [...]
Audit quality threatened by fee pressure June 14, 2012 PRESSURE to reduce fees poses a threat to the quality of British auditing, a leading member of the Financial Reporting Council (FRC) said yesterday, as the body issued its annual reports on the performance of the country’s four largest accountancy firms. Paul George, the organisation’s executive director of conduct, told City A.M.: “Commercial pressures run the [...]