This was the suggestion, following statements made by the Financial Reporting Council, the new independent accounting watchdog.
The FRC was reported in the Times as saying: ‘Obviously we are not going to chuck the responses out.’
Complaints against Higgs include the recommendation that a company chairman be banned from heading up the nominations committee and the recommendation that senior independent non-execs consult directly with shareholders.
FTSE 100 member Legal & General complained about the ‘box-ticking’ mentality of the report. It said the philosophy of ‘comply or explain’ was too prescriptive.
The FRC is using the Higgs report and the accompanying Smith report on audit committees to draw up a new code of conduct for corporate governance.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
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
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements