The code has been written based on the traditional two-tier board structure however the committee has acknowledged that an increasing number of listed companies are now structured with a single tier. The committee had embarked on a new consultation applying the code to the single tier companies. However, in a more recent announcement the committee stated that it was suspending the latest consultation. Instead priority is being given to finalising the revisions of the main code.
In the introduction to the new code revisions committee said,”The objective that the Committee has set itself in the Code’s revision is to incorporate developments of topical corporate governance issues in the principles and best practices of the Code. Good corporate governance requires that themes such as long-term value creation, risk control, culture, effective management and supervision, remuneration and the relationship with shareholders are not just words on paper but themes that are truly embraced in the boardrooms.”