FRC executives turn against Higgs
At least half the executives on the Financial Reporting Council are opposed to the proposed new corporate governance code, according to a new survey.
Link: Higgs’ report special
This was the startling finding of a poll carried out by the Sunday Times to gauge the feelings of business leaders towards the Higgs’ Report.
At the next meeting of the FRC, the independent accounting regulator, members are expected to argue for changes to be made to the code and call for it to be redrafted.
Measures which drew strongest attack were the proposal not to allow a company chairman to head a nominations committee and plans to force non-execs to meet once a year without the chairman.
The Sunday paper quoted ICAEW president Peter Wyman as calling the code ‘too prescriptive’.
Today is the deadline for companies and shareholder groups to submit comments to the FRC.