The joint letter from the Confederation of British Industry and the Association of British Insurers lays out their concerns about the proposals, which will make audit committees mandatory and require at least one member to be independent, with accounting and auditing experience.
The two industry bodies say the changes will remove the flexibility companies in the UK currently enjoy, according to The Financial Times.
The UK combined code on corporate governance allows companies in Britain to adhere to the code or explain to shareholders why they have deviated from it.
But at a meeting in Brussels today, finance ministers are expected to approve the plans, which will be voted on by the European parliament next year.
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day