Private Companies Code of Conduct
Following recent financial scandals such as those involving BHS and Carillion, the Financial Reporting Council (FRC) are encouraging larger private companies (those with at least 2,000 employees, or that have revenues over £200m and a Balance Sheet of £2 billion) to adopt a voluntary code of Corporate Governance.
This will entail setting principles covering directors’ remuneration and Board appointments. It is designed to encourage bosses to engage with stakeholders and staff when making key business decisions, and it is hoped that some transparency will be provided to employees, customers and suppliers. It is designed to help to repair the damage in trust of UK business that is perceived to have taken place over the last few months.
Blog written by Nigel KalbTalk to Barnes Roffe today