The Financial Reporting Council (FRC) has published an update to the UK's Corporate Governance Code in September 2014. Revised every two years, and the new Code applies to accounting periods beginning on or after 1 October 2014. Some of the changes included in the revised Code are:
The revised Code continues to be based on the principle of 'comply' or 'explain'. The FRC believes this remains an effective alternative to a rules-based system. The chosen approach allows for flexibility in the way a company meets the provisions of the Code, allowing account to be taken of the organisation's specific circumstances.
Although the UK Corporate Governance Code does not apply to high education institutions, changes in the Code reflect, have in the past influenced, thinking on corporate governance generally. Issues that higher education governing bodies might consider include:
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