Fund managers set blueprint for audit committee
Fund managers from the City of London's most powerful bodies are drawing up a code of best practice for audit committees that could see a major change in the way that companies monitor themselves.
Link: New help group for audit committees
Around 20 powerful fund managers and some large pension firms have put together a 50-point discussion paper which suggests a greater role and more responsibilities for non-executive directors that sit on a firm’s audit committee.
The paper, which is intended as an effort to influence the government’s Higgs review on non-executive directors, also sets down the possible shape of a model audit committee which fund managers want to see recognised as the main corporate governance body in any company.