Kelly rejects Higgs criticism as 'disturbing complacency'
Claims that the media debate on the Higgs Report was 'starting to lose a sense of porportion' have beenmade by Ruth Kelly, financial secretary to Treasury.
Claims that the media debate on the Higgs Report was 'starting to lose a sense of porportion' have beenmade by Ruth Kelly, financial secretary to Treasury.
Link: Special Higgs report area
In a speech in Edinburgh to the annual investment conference of the National Association of pension funds Kelly defended the Higgs report after a barrage of criticism this week from UK boardrooms.
Her comments come after a CBI survey this week found an ‘overwhelming majority’ of FTSE 100 chairmen were opposed to recommendations made by Derek Higgs in his report published in January on the role and effectiveness of non-executive directors.
Kelly said the report was not an ‘intrusive rule book’ and critics has demonstrated ‘disturbing complacency’ for UK corporate governance. She claimed that the report was ‘seen in the context of Enron and its backwash’ and that it is more ‘about promoting shareholder value as it is about trying to prevent wrongdoing’.
Kelly also defended Derek Higg’s consultation process saying: ‘Derek consulted widely and sought comments on his proposals from the main representing bodies including the CBI’. She also made it clear that ‘the code is and should remain a statement of best practice’ and that the Financial Reporting Council is ‘hearing and listening carefully to all comments’ before it makes a final decision on the form of a new code on corporate governance.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article