Business world reacts to new Corporate Governance Code | ICAEW Economia

More on the new UK governance code:

While the majority of business groups, accountancy firms and think tanks welcomed the reforms, some said they were not the “shake-up of corporate Britain” the government has previously promised.

Roger Barker, head of corporate governance at the Institute of Directors, welcomed the Code, particularly its “engagement with a wider range of stakeholders including the workforce, as well as encouragement of more long-term oriented business behaviour and recognition of the board’s role in overseeing a company’s purpose and culture”.However, he said he was disappointed that a crucial recommendation for directors to undertake continued professional development has been demoted to the guidance.

Other objections included those wanting more explicit stakeholder engagement, including failure to require boards to include employees as directors.

Source: Business world reacts to new Corporate Governance Code | ICAEW Economia

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