Combined code wins plaudits: key proposals of the Higgs report have been amended.
Author | Hayward, Cathy |
Position | Corporate Governance |
Derek Higgs, author of the controversial report into the role and effectiveness of non-executive directors (Neds), has welcomed the Financial Reporting Council's publication of the revised Combined Code.
"I think it's come out fine," he told Financial Management. "I'm very pleased that it incorporates virtually all of the 50 recommendations of my review and that it has the backing of leading shareholder and company bodies alike."
The revised code would encourage greater professionalism and objectivity from directors, he said, and share holders would gain a clearer understanding of the workings of the boardroom.
The Financial Reporting Council made substantial changes to the Higgs report during the six-month review. Under the new Combined Code, a chief executive is able to become chairman of the same firm as long as major shareholder are consulted; a chairman can chair the nominations committee; the roles of the chairman and senior independent director have been clarified, emphasising the former's role in providing leadership to Neds and communicating shareholders' views to the board; and there should be a "particularly rigorous review", rather than a "special explanation", if a Ned is re-elected after six years' service.
Concessions have also been made for smaller firms. The stipulation that at least half of the board should be Neds now states that companies below the FTSE 350 need...
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