Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty’s Government what assessment they have made of the operation of the UK Corporate Governance Code.

Since 2011, the Financial Reporting Council (FRC) has published on its website an annual report on the implementation of the UK Corporate Governance Code. In addition, the Government recently published a Green Paper initiating a public consultation on how to upgrade the UK’s corporate governance framework, which included certain aspects of the Code. In February the FRC announced its plans for a fundamental review of the Code building on its globally recognised strengths while considering the appropriate balance between its principles and provisions and the growing demands on the corporate governance framework.