More companies heeding Combined Code
The largest listed companies are starting to heed the recommendations of the Combined Code on corporate governance, according to a new survey.
A study by Grant Thornton of the top 350 companies in the FTSE index has found that more are now in full compliance with the code than ever before.
Among FTSE 100 companies 54% consider themselves fully compliant with the new recommendations, up from 41% last year. FTSE 250 companies showed a similar improvement with 42% now compliant compared with 32% at the same time last year.
However more than half of the FTSE 350 companies are still not fully compliant and the survey found that in cases of non-compliance two-thirds offered little or no explanation for their actions. In fact 7% of those surveyed were not in compliance and also failed to acknowledge this.