With less than a week to go until the new Combined Code on corporate governance comes into force, the chairman of the Financial Reporting Council has said that he is unconcerned if some companies do not meet all of its requirements.
Link: Higgs report special
There had been concerns that companies would refuse to go along with some of the more unpalatable parts of the code, which comes into effect on 1 November, in the light of Barclays’ plan to move chief executive Matt Barrett to the position of chairman and a similar move for Sainsbury’s Sir Peter Davis.
However FRC chairman Sir Bryan Nicholson is unconcerned by these moves. Speaking to the Financial Times he said: ‘There are always going to be exceptions. Who the hell will care about any individual case two or three years down the line?’
Sir Bryan added that he was pleased to see that the trend for chief executives becoming chairmen was ‘going out of fashion’.
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