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FRC Combined Code: company directors to face annual election |
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Written by Calum Haswell
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Wednesday, 26 May 2010 |
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The FRC will publish the first part of its overhauled Combined Code, based on Sir David Walker's Review, next week. The revised code, known as the UK Code of Corporate Governance, is due to be published on Friday 4 June.
The proposals by the FRC were to introduce the annual reelection of directors or chairs and this UK Code of Corporate Governance is likely to specify this. Sir David Walker, in a speech to the Tomorrow’s Company think-tank, said that his view on the proposal for the annual election of company chairs had hardened. He argued of investors that “it is of correspondingly greater importance that they have effective means of changing board composition in a timely way, albeit after the event. It is this that leads me in the circumstances of the UK to favour moving toward annual election of the whole board”.
The second part of the code, the Stewardship Code (dealing with investors’ responsibilities), will be published at the end of June.
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