The Investment Association comments on the proposals for a revised UK Corporate Governance Code

Tuesday 5th December

The Investment Association commented on the Financial Reporting Council’s (FRC) proposals for a revised UK Corporate Governance Code.

Andrew Ninian, Director of Corporate Governance at the IA said:

“The launch of the revised UK Corporate Governance Code is a welcomed step in the evolution of our corporate governance system. The Government’s Green Paper set out important challenges to the UK corporate governance system particularly on stakeholder voice and executive pay. It is important that the Governance Code responds to these challenges so that the UK remains globally competitive and that investor stewardship continues as a key tenet.

'We particularly welcome the revision to the Code which requires companies, within six months of having received a high vote against a resolution, to publish a response explaining how they are responding to their shareholders. This revision is timely considering the forthcoming launch of the Public Register, hosted by the IA, which will incorporate the responses from such companies.”

Notes to Editors

To view the FRC's press notice on the proposals for a revised UK Corporate Governance Code, please visit:

https://www.frc.org.uk/news/december-2017-(1)/a-sh...

For further information, please contact:

Michelle MacMillan
Interim Head of Media Relations
[email protected]
T +44 (0)20 7269 4696
M +44 (0)7771 899 8645

Helen Ayres
Media Relations Manager
[email protected]
T +44 (0)20 7269 4620
M +44 (0)7508 724 066

About the Investment Association:

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 240 members manage £6.9 trillion of assets and employ 93,500 people across the UK
• Our members manage the pensions of 75% of UK households, provide 60% of capital market financing for UK businesses and fund 40% of initial public offerings of shares.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
  • Build people’s resilience to financial adversity
  • Help people achieve their financial aspirations
  • Enable people to maintain a decent standard of living as they grow older
  • Contribute to economic growth through the efficient allocation of capital
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.