FRC Consultation On Changes To The Remuneration Section Of The Combined Code

Companies in the financial services sector saw an onslaught of regulatory and corporate governance proposals in 2009 from various bodies.

Throughout 2009, the Financial Reporting Council (FRC) has also separately been reviewing the Combined Code. In December 2009 the FRC published its final proposals for public consultation, which followed the Walker Report the previous month. The FRC proposals can be accessed here (www.frc.org.uk/corporate/reviewCombined.cfm).

In addition to general recommendations on board governance (including consulting on whether the whole board – or, alternatively, just the chairman – should be required to submit to annual re-election), greater shareholder involvement and a change in name to the "UK Corporate Governance Code", the FRC has made various remuneration proposals.