Is your governance fit for purpose?
The current UK Governance Code enshrines a set of principles that have evolved over the quarter century since Sir Adrian Cadbury’s committee first reported and made recommendations on the UK’s system of corporate governance. Changes to the governance requirements of listed companies have been significant over that period and, to a lesser degree, are still continuing. The current code, with strong emphasis on the duties and responsibilities of non-executive directors, within the framework of a unitary board, heightens focus on wider aspects of governance such as risk management, remuneration strategies, reporting and internal audit.
All this is within the context of continuing demand and high expectations for good quality and transparent corporate governance standards from shareholders, regulators, financiers and other stakeholders. The FRC monitors listed companies’ compliance with its Code and activist shareholder groups highlight and publicise instances where they believe poor governance exists. The agenda is constantly moving. Whereas once the focus was on a majority of non-executive directors on the board, and separation of the roles of the chair and chief executive, now attention is being directed at areas such as culture, values and ethics.
The appropriate corporate governance practices for a particular organisation need to be tailored and designed for that organisation. One size definitely does not fit all. At BDO, we have developed a suite of services to support your governance needs that includes, but is not limited to:
- An independent assessment of your current governance practices;
- Design of Board and Committee charters as well as instruments of delegation and policies;
- Board and Committee performance evaluation;
- Assurance Mapping for Board and Risk and Audit Committees whereby all assurance sources are mapped against risk and controls;
- Governance training; and
- Strategic governance advice to Boards and CEO’s.
Being a global, integrated BDO Risk Advisory Service, our local professionals have a good understanding of the governance challenges that an organisation may face both locally and across multiple jurisdictions and capital markets. We are where you are.