Special area Higgs report in focus
In a speech delivered at the annual investment conference of the National Association of Pension Funds, Ruth Kelly, financial secretary to the Treasury, will warn about the complacency in business towards boardroom reform.
‘We welcomed the proposals based on their thorough analysis and considered recommendations, not least because they provide a robust way forward which avoids the need for clumsy legislative intervention. That remains the government view. There is no room for complacency,’ Kelly will say.
The CBI has been particularly vocal over recent weeks about the failings of the Higg’s report. A survey carried out this week among FTSE100 chairmen found that 82% believed that their role would be undermined if the extra powers for a senior non-executive director proposed by Higgs were enforced.
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Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
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