CIMA backs Higgs' proposals: but non-execs need even more support, says institute.
Author | Hayward, Cathy |
Position | Corporate Governance |
Business groups have broadly welcomed the Higgs review's radical proposals to reform corporate governance, although they are concerned that some of its recommendations could cause damaging divisions in Britain's boardrooms.
"This will increase the accountability of UK boardrooms while avoiding the straitjacket of one-size-fits-all legislation," said Sir Nigel Rudd, chairman of the CBI's boardroom issues group. But he warned that the proposal to give major shareholders the right to meet non-executive directors (Neds) could lead to conflicts between Neds and their executive colleagues.
The review, led by former investment banker Derek Higgs, has proposed that independent Neds should be in the majority on boards; that they should develop closer relationships with shareholders; and that there should be better training and performance reviews for all directors. It also recommended that the roles of chairman and chief executive be separated, and that the chief executive should not be allowed to become chairman of the same company.
CIMA believes that the onus is now on senior managers and executive directors to ensure that they provide Neds with clear, full and relevant information, so...
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