MPs call for toughening up of UK corporate governance rules

Iain Wright MP BEIS Select Committe

Directors should be required to take their corporate governance and legal duties more seriously the House of Commons Business, Energy and Industrial Strategy select committee believes. The committee’s report on corporate governance was published this week.

While the MPs state that there is no need for a radical overhaul of corporate governance in the UK, “We do believe that there is scope for significant improvements in order to address the changing nature of company ownership in a globalised economy.”

Iain Wright MP, Chair of the BEIS select committee, said: “The UK corporate governance system is recognised throughout the world as of high quality.Read the rest

Purposeful Company Task Force: Corporate governance reform could boost UK economy

UK corporate governance

The UK’s Purposeful Company Task force, set up by the Big Innovation Centre, has called for major changes in corporate governance, asset management and backed the Financial Reporting Council’s proposal for company’s to report on how directors are having regard to stakeholders as required under company law.… Read the rest

FRC: Wide-ranging review of UK corporate governance code launched

FRC UK chairman announces review of corporate governance code

The UK’s corporate governance landscape could be set for set for a wholesale changes after the Financial Reporting Council (FRC) announced a wide-ranging review of the corporate governance code. This will take into account the regulator’s recent work on corporate culture and succession planning, as well as the issues raised in the government’s green paper and the Business, Energy and Industrial Strategy parliamentary select committee inquiry.… Read the rest

OECD due diligence for the garment and footwear sector launched

OECD due dilience garment footwear guidance

The Organisation for Economic Co-operation and Development  (OECD ) has published its due diligence guidance for responsible supply chains in the garment and footwear sector in line with the OECD Guidelines for Multinational Enterprises (MNE guidelines)  and UN Guiding Principles on Business and Human Rights.… Read the rest

Hong Kong corporate governance scorecard shows improvement needed

Hong Kong corporate governance scorecard

The latest corporate governance scorecard assessing listed companies in Hong Kong shows that improvement is needed and directors ought to stay up to speed with the latest corporate governance developments, according to the Hong Kong Institute of Directors.

The 2016 survey of 120 companies published this week found that when compared to the 121 firms assessed for the last survey in 2012 mean score had improved by 5.1% when the same criteria were compared.… Read the rest

Pensions must be part of corporate governance debate

pensions corporate governance

The UK’s Work and Pensions Select Committee has used its response to the government’s green paper on corporate governance to emphasise that public and private companies need to ensure that their pension fund forms part of their corporate thinking.

The MPs’ recommendations follow their inquiry into the collapse of the retailer BHS last year.… Read the rest

USA: Investor Stewardship Group launches Codes

Investor Stewardship Group

The US has moved a step closer to a national stewardship and governance code with the launch of the Investor Stewardship Group. The signatories and supporters of the $17 trillion group are now urging all institutional investors to join the framework.… Read the rest

OECD surveys corporate governance in Asia

OECD Corporate Governance Principles

A new survey from the OECD highlights the development of corporate governance across 14 countries in Asia. While each of the countries have their own characteristics the study shows how international standards are taking hold across the region.

The authors of the study suggest that understanding the ownership structures in Asia is critical to ensuring the development of effective corporate governance standards.… Read the rest

UK companies need to do more to improve public trust says FRC

FRC Paul George

The Financial Reporting Council (FRC) has said it is ready to make further changes to the UK’s corporate governance code to reflect concerns about the role of companies within society and to improve public trust in its annual report, Developments in Corporate Governance and Stewardship 2016.… Read the rest

Philippines adopts revised Corporate Governance Code

A revised corporate governance code came into effect on 1st January 2017 in the Philippines. The code has been developed by the IFC, a member of the World Bank Group, and the Philippine Securities and Exchange Commission (SEC) with the aim of improving the competitiveness of listed companies in the country and their ability to attract foreign investment.… Read the rest

Dimon takes chair of governance hawks, BRT

Jamie Dimon

As US Republicans accelerate their plans to dismantle much of the Dodd Frank regulatory framework, Jamie Dimon, chairman and chief executive (CEO) of JPMorgan Chase, has been appointed as the next chairman of the US  issuer lobby, Business Roundtable (BRT).

BRT’s members are the chief executives of the largest American companies; together with the US Chamber of Commerce, BRT has actively campaigned to roll back shareholder rights and reduce governance standards.… Read the rest

Revised Dutch Corporate Governance Code published

Dutch revised corporate governance code published

The Dutch corporate governance code monitoring committee has published a revised corporate governance code for the Netherlands replacing its previous 2008 code. The revisions follow earlier consultation and were at the request of Dutch company bodies, trade unions and shareholder organisations.… Read the rest