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1 Key points of the Prospectus Directive >>more>>
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3 Proposed changes to the AIM Rules >>more>>
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4 Update on the disclosure of Price Sensitive Information >>more>>
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5 Corporate Governance and the Combined Code >>more>>
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6 Corporate Governance Guidelines for Investment Trusts >>more>>
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7 Proposed amendments to the Listing Rules relating to Investment Companies >>more>> |
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Charles Russell Corporate Finance Group
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| Public Companies Update October 2003 |
5 CORPORATE GOVERNANCE AND THE COMBINED CODE
In July 2003 the Financial Reporting Council published a revised version of the Combined Code. This new version which takes into account responses to the consultation on the Higgs review will come into force for reporting years beginning on or after 1 November 2003.
The new code will look different to the existing one as it has 17 main principles, most of which have a number of supporting principles and code provisions. The key areas covered are Directors (including the role of chairman and senior non executives), remuneration, audit (and the role of the audit committee) and the relationship with shareholders and institutional investors. Some of the provisions will not apply to smaller companies (i.e. companies below the FTSE 350).
Further details on the revised combined code will be found in our briefing note on the subject which will be circulated later this month.
If you require further information on any matter covered in this note, please contact your principal contact at Charles Russell or Simon Gilbert, Katy Knight, Clive Hopewell or Alexander Keepin (London), Francis Rundall or Richard Norton (Cheltenham) or Geoff Sparks (Guildford) and on 0207 203 5000.
Please note that the summaries above are a general indicative guide only. They are not exhaustive. This information has been prepared by the firm as a service to our clients. As it is a general guide, we recommend that you seek professional advice before taking action. No liability can be accepted by the firm for any action taken or not taken as a result of this information. The firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Law Society. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.
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