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ICSA review of Higgs Guidance (Combined Code) |
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Written by Calum Haswell
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Thursday, 11 March 2010 |
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The Financial Reporting Council (FRC) commissioned ICSA (Institute of Chartered Secretaries and Administrators) to undertake a review of the Higgs guidance (Good Practice Suggestions from the Higgs Report, last reissued in 2006). As part of this remit, the FRC has asked ICSA to consider whether additional and consider whether additional guidance should be given on a number of issues relating to board effectiveness .
ICSA – advised by a Steering Group chaired by Sir John Egan, Chair of Severn Trent Plc, and with members including John Coombe, Chair of Hogg Robinson plc and Peter Montagnon, Director of Investment Affairs at the ABI – has identified the key components of what makes for a better board:
- More emphasis on the role of the Chair as critical to the building of the effective board
- Boards spending more time determining the culture, vision and values appropriate to their organisation
- Encouragement of appropriate boardroom behaviours, such as the avoidance of a ‘groupthink’ culture
- Re-evaluation of the role, responsibilities and contribution of all board members, including executive directors
- More time spent improving and developing directors’ skills and benchmarking their performance
- Board composition and diversity as major factors in delivering a high-performance board
- Advice for directors on how to ‘stay out of trouble, and jail’
The ICSA review of the Higgs guidance (pdf), including details of the consultation, is available on the ICA website.
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