The document seeks to obtain views on the effectiveness of the current guidance and in what ways it needs to be updated.

The consultation runs until 2 March 2005, at which point the FRC will collect the evidence to produce a draft revised guidance. This will be published in the middle of 2005, with revised guidance expected to come into force on 1 January 2006.

'We want to hear evidence of how well the guidance has worked, and views on how it might be improved,' said HSBC finance director Douglas Flint, who is heading up the Turnbull review.

'At the end of the review we want to have guidance that is robust, up-to-date and enjoys broad support from boards and investors, so I would encourage everyone with an interest in better business performance to take part in this consultation.'