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Regulator to overhaul the UK's corporate governance code

Tuesday 19th July, 2022

The Financial Reporting Council (FRC) has published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework.

The Position Paper sets out proposed changes to the UK Corporate Governance Code. It aims to provide a stronger framework for reporting on the effectiveness of internal controls and Board responsibilities for expanded sustainability and ESG reporting, and new guidance on enhanced resilience statements and fraud reporting by directors.

It also sets out the next steps for the FRC’s transition to a new regulator The Audit, Reporting and Governance Authority (ARGA).

The FRC’s CEO, Sir Jon Thompson said: “These long-awaited reforms are a once-in-a-generation opportunity to ensure corporate Britain upholds the highest standards of governance and protects those stakeholders who rely on high-quality reporting.

While we await Government legislation, the FRC is pressing ahead with those changes to standards and codes which will improve and enhance the UK’s audit and corporate governance framework and to lay the groundwork for the creation of ARGA.”

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