The Financial Reporting Council, the UK's regulator for financial reporting, has amended the combined code on corporate governance, its set of standards and practices for corporate reporting.
A small number of changes have been made to the previous version of the Combined Code, which was published in 2003. These will enable the company chairman to sit on the remuneration committee if considered independent on appointment; provide shareholders voting by proxy with the option of withholding their vote on a resolution; and encourage companies to publish the details of proxies lodged on resolutions where votes are taken on a show of hands.
The Listing Rules will not formally apply to the revised Combined Code until a separate consultation has been carried out by the Financial Services Authority. This consultation is expected to start in September 2006. However, in view of the limited nature of the changes and the strong support that they have received, the FRC would encourage listed companies and their investors to adopt the updated Code on a voluntary basis for reporting years beginning on or after 1 November 2006
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