Following no less than three reviews of UK Audit and Corporate Governance (Kingman, CMA, Brydon), in March of this year the Department for Business, Enterprise and Industrial Strategy (BEIS) published its White Paper for consultation on “Restoring trust in audit and corporate governance”. This represents a set of government proposals for Corporate Governance reform to which interested parties have now responded: it is expected that the final version of the measures will be published later this year and in due course become law in the UK as required. The background to the White Paper is formed by recent failures of Corporate Governance and Audit, highlighting the importance of a trusted Audit and Corporate Governance regime. Given Fidelio’s clear focus on Board effectiveness and composition, we take an active interest in the White Paper and have contributed our response. In this Overture we explore some of the proposed regulatory responses to earlier corporate failures which are under consideration in this White Paper. If adopted these proposals could have profound implications for UK Boards and therefore also in the longer term also be of significance internationally.
Governance Under Review
This Overture focuses on the following aspects of ‘Governance Under Review’:
Scope of Regulation
Directors’ Duties
Audit
Stewardship
The Regulator FRC-ARGA
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