BusinessCompany NewsHiggs: Draft code was too harsh

Higgs: Draft code was too harsh

Derek Higgs has backed down from his hard-line model for corporate governance, and admitted it needs redrafting.

Link: FDs split on Higgs reforms and non-executive power

and Higgs special report

Speaking at the Association of Chartered Certified Accountants conference, Higgs said his ‘code draft had too much of a feel of regulation, prescription and needs redrafting’.

Higgs explained the code had been a rush-job at the end of a review project, which did no justice to the quality of the review itself. As a result, he said, the code came across as a hard-edged, the Daily Telegraph reported.

The Financial Reporting Council has drawn up a revised text of Higgs’ model code. The FRC text is aimed to be less descriptive and is awaiting approval of the FRC board meeting next month.

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