Combined code harms competitiveness, say FDs
New corporate governance rules could harm Britain's competitiveness overseas, say almost a third of finance directors and chairman of large companies.
The research found a worrying 72% believe they’re spending too much time on corporate governance at the expense of wealth generation.
Paul Moxey, head of corporate governance at ACCA which carried out the survey, said: ‘There was widespread concern that, under the 1998 combined code on corporate governance, too much attention was paid to compliance and not enough to performance. This still appears to be the case with the revised code, or at least in how it is being interpreted.
‘The new combined code appears to be turning into a box ticking exercise, instead of making a real difference.’