Technical briefings

On 16 October, the UK government announced it had withdrawn the draft Companies (Strategic Report and Directors’ Report) (Amendment) Regulations 2023, which were laid in Parliament on 19 July.

As mentioned in previous Technical Briefings, on 24 May, the Financial Reporting Council published its long anticipated consultation on the UK Corporate Governance Code, the intention of which is to focus on the legislative and governance reforms that the Government proposed in its May 2022 white paper “Restoring trust in audit and corporate governance”. These are designed, amongst other things, to “support the FRC’s transition into the Audit, Reporting and Governance Authority (ARGA).”

On 24 May, the Financial Reporting Council has published its long anticipated consultation on the UK Corporate Governance Code, the intention of which is to focus on the legislative and governance reforms that the Government proposed in its May 2022 white paper “Restoring trust in audit and corporate governance”.

Of interest to all involved in governance in the charity sector.

On 13 December, ISS published their UK and Ireland Proxy Voting Guidelines and Benchmark Policy Recommendations, which will be effective for meetings taking place on or after 1 February 2023.

Following the consultation last year, the Government published its formal response to Restoring Trust in Audit and Corporate Governance on 31 May.

At our annual conference, we launched a new report exploring the value of the governance profession and of our members’ roles, particularly in the light of the changes we have seen during the pandemic.

On 16 June, the Financial Reporting Council (FRC) published an updated edition of the Guidance on the Strategic Report to incorporate climate-related financial disclosures, following changes in legislation made earlier this year. In addition, a number of other amendments were also made to maintain alignment with legislation.

Support sought from all members.