Institute president Peter Wyman said the ball was now ‘firmly in the government’s court’.
‘I want to see the five years of excellent consultation on Company Law consolidated through early legislation.’
In particular, Wyman said the institute was pleased with the introduction of the Operational and Financial Review for larger companies and the decision not to prohibit the supply of non-audit services by auditors.
Wyman said: ‘We are also broadly supportive of the recommendations on the Higgs Review. We share the Committee’s view that an overly prescriptive approach to corporate governance would be counterproductive.’