UK corporate governance timeline

DateCategoryDevelopment
January 2019 Narrative reporting The Companies (Miscellaneous Reporting) Regulations 2018 came into effect for financial years beginning on or after January 1, 2019.
January 2019 Corporate Governance UK Corporate Governance Code 2018 applies to financial years beginning on or after January 1, 2019.
October 2018 Narrative reporting FRC’s Lab published a report which considers how reporting practice in relation to business model reporting and risk and viability reporting has changed since publication of 2016 and 2017 reports on those topics.
October 2018 Audit FRC published “Developments in Audit” 2018 which sets out work FRC has done in relation to audits in the past year.
October 2018 Corporate governance ISS launched consultation in relation to auditor ratification and lead partner engagement where lead partner (as firm) has been involved in significant auditing controversies.
October 2018 Corporate governance Investment Association published guidance for Companies required to issue update statements within six months of AGM/GM at which 20% or more votes were cast against a board recommended resolution (as required by 2018 UK Corporate Governance Code).
October 2018 Audit CMA launched market study into statutory audit market in the UK

 October 2018

Narrative reporting BEIS launched a consultation on ethnicity pay reporting.

October 2018

Narrative reporting BEIS published a notice explaining the implications for accounting, corporate reporting and audit if the UK leaves the EU in March 2019 with no Brexit agreement in place
September 2018 Corporate governance AIM Companies required to disclose details of corporate governance code they apply as part of AIM Rule 26 disclosure requirements from September 28, 2018.
September 2018 Diversity FRC published a report assessing the current extent and manner of reporting by FTSE 350 companies on diversity at senior and management levels in annual reports.
September 2018 Narrative reporting FRC’s Financial Reporting Lab issued call for participants in new climate and workforce reporting project.
August 2018 Narrative reporting House of Commons BEIS Committee published a report on gender pay gal reporting.
August 2018 Corporate governance BEIS published Government’s response to its “Corporate Governance and Insolvency” consultation.
July 2018 Narrative reporting FRC published revised Guidance on the Strategic Report.
July 2018 Narrative reporting The Companies (Miscellaneous Reporting) Regulations 2018 were made on July 17, 2018.
July 2018 Narrative reporting The FRC published revised guidance on the strategic report which encourages companies to consider wider stakeholders and broader matters that impact performance over the longer term.
July 2018 Corporate governance FRC published revised Guidance on Board Effectiveness.
July 2018 Corporate governance FRC published a revised UK Corporate Governance Code for 2018. The revised code applies to accounting periods beginning on or after January 1, 2019.
June 2018 Diversity BEIS and the Government Equalities Office published a press release in relation to progress made to date by FTSE 350 companies in meeting the Hampton-Alexander Review target of having at least 33 per cent of board positions held by women by the end of 2020.
June 2018 Corporate governance The FRC issued a draft of the Wates Corporate Governance Principles for Large Private Companies (the Principles), and supplementary guidance, for public consultation.
June 2018 Corporate governance FRC published call for evidence in relation to Sir John Kingham’s review of the FRC
June 2018 Narrative reporting The Companies (Miscellaneous Reporting) Regulations 2018 published in draft with BEIS Q&A on those regulations.
June 2018 Lab reports FRC’s Lab published a report on reporting of performance metrics and report on future of blockchain and corporate reporting.
April 2018 Audit committee IOSCO published consultation report on good practices for audit committees in reporting and audit quality.
April 2018 Diversity The Investment Association announced that it and the Hampton-Alexander Review had written to 35 FTSE 350 companies with low female representation at leadership level, calling for change.
April 2018 Corporate governance

QCA published a revised QCA Corporate Governance Code which replaces the previous version published in May 2013.

April 2018 Corporate governance Sir John Kingham appointed to carry out a review of the FRC’s governance, transparency and independence.

March 2018

Corporate governance Government to lay draft secondary legislation connected with its corporate governance reform before Parliament.
March 2018 Corporate governance Pensions and Investment Research Consultants Ltd (PIRC) published the 25th edition of its UK Shareowner Voting Guidelines.
March 2018 Remuneration The House of Commons Business, Energy & Industrial Strategy Committee (BEIS Committee) announced the launch of an inquiry into executive pay and the gender pay gap in the private sector.
March 2018 Corporate governance BEIS published  a consultation “Corporate Governance and Insolvency” to improve the UK’s corporate governance framework and ensure the highest standards of behaviour in those who lead and control companies in, or approaching, insolvency.
March 2018 Corporate governance London Stock Exchange plc (LSE) published AIM Notice 50 which provides feedback on the consultation the LSE issued in December 2017 pursuant to AIM Notice 49 and confirms the resulting rule changes to the AIM Rules for Companies (AIM Rules). These included that AIM companies should comply or explain against a recognised corporate governance code.
March 2018 Corporate governance The FRC announced the expectations of the Pre-Emption Group in relation to pre-emption disapplication thresholds.
February 2018 Corporate governance BEIS published the Government’s response to the Taylor Review of Modern Working Practices (the Taylor Review) which was published in July 2017.
February 2018 Diversity BEIS announced plans to review how employers are improving ethnic minority progression in the workplace. The review is part of BEIS’s ambition to create better, higher-paying jobs in every part of the UK and ensure that people from all backgrounds can be successful in the workplace.
February 2018 Corporate governance In February 2018 Institutional Shareholder Services Inc (ISS), a US proxy adviser, announced the launch of its Environmental & Social QualityScore which will measure the quality of corporate disclosures on environmental and social issues, including sustainability governance, and identify key disclosure omissions.
January 2018 Corporate governance In January 2018 Institutional Shareholder Services (ISS) announced updates to its 2018 benchmark Proxy Voting Guidelines (Guidelines) for various regions, including the UK, Ireland and Europe.
January 2018 Corporate governance FRC and BEIS announced that James Wates CBE, Chairman of the Wates Group, will chair the Coalition Group to develop new corporate governance principles for large privately-owned companies. The Coalition Group was established in light of the Government’s response to its Green Paper consultation on corporate governance reform published in August 2017.
January 2018 Corporate governance The Pensions and Lifetime Savings Association (PLSA) published their latest Corporate Governance Policy and Voting Guidelines (Guidelines) to assist PLSA members in promoting the long-term success of the companies in which they invest and ensuring that the board and management of those companies are held accountable to shareholders.
December 2017 Narrative reporting The Financial Reporting Lab (the Lab) invited investors, analysts and companies of all sizes to participate in a project on effective reporting on performance.
December 2017 Narrative reporting The FRC published a set of Frequently Asked Questions (FAQs) on the application of the Non-Financial Reporting Regulations. The FRC encourages companies to read these in conjunction with the 2014 Guidance on the Strategic Report.
December 2017 Narrative reporting The introduction of the European Single Electronic Format (ESEF), which is expected to be finalised in early 2018 and come into force in 2020, will, according to the Financial Reporting Lab (the Lab), drive a step change in the use of XBRL (eXtensible Business Reporting Language) for the production and consumption of the annual reports of European listed companies.
December 2017 Auditing The FRC published its latest audit quality thematic review on the concept of audit materiality and how the major firms determine materiality in practice. The report follows on from the FRC’s 2013 report on materiality.

December 2017

Corporate reporting The FRC published its revised guidance, in the form of a Bulletin, for auditors when agreeing to the publication of preliminary announcements. The aim of the Bulletin is to provide investors with greater transparency about the status of the information included within preliminary announcements.

December 2017

Corporate governance The Institute of Chartered Secretaries and Administrators (ICSA) Governance Institute and Board Intelligence published a summary of their research into how board reporting (the preparation of reports and other papers discussed at board meetings) operates in organisations. They surveyed 80 governance professionals representing organisations of all sizes and sectors with the aim of identifying the main challenges to effective board reporting so that organisations can be helped to address these challenges.

December 2017

Corporate governance The Quoted Companies Alliance (QCA) and UHY Hacker Young published their annual review of corporate governance behaviour, which focuses on the disclosures made by 100 small and mid-size quoted companies taken from the Main List, AIM and ISDX and compares these disclosures against the minimum disclosures set out in the QCA Corporate Governance Code for Small and Mid-Size Quoted Companies (the QCA Code).

December 2017

Corporate governance Glass Lewis published their updated Proxy Paper Guidelines (Guidelines) for 2018.

December 2017

Corporate governance FRC published proposals for a revised UK Corporate Governance Code (Code) and updated Guidance on Board Effectiveness for consultation, as well as raising questions about revised UK Stewardship Code.

December 2017

Corporate governance Investment Association’s Public Register of shareholder voting launched.

November 2017

Narrative reporting The Financial Reporting Lab (the Lab) published a report on ‘Risk and viability reporting’. The project on risk and viability began in May 2017 and the Lab report examines the views of those companies and investors that participated in the project on the key attributes of principal risk and viability reporting, their value and use.

Autumn 2017

Corporate governance Investment Association’s Public Register of shareholder voting to be launched.

November 2017

Narrative reporting The FRC announced a series of thematic reviews to be conducted in 2018/19 concerning certain aspects of corporate reporting and auditing where there is particular shareholder interest and room for improvement, as well as scope for learning from good practice.

November 2017

Corporate governance House of Commons Library research service published a briefing paper for Members of Parliament and their staff on the corporate governance reform programme. The briefing paper looks at the current corporate governance framework and at the current reform programme, including the Government’s August 2017 response to its 2016 Green Paper on corporate governance reform and the BEIS report published in April 2017.

November 2017

Corporate governance FRC to launch review of UK Corporate Governance Code.

November 9, 2017

Corporate governance Hampton-Alexander Review publishes “one year on” report in relation to improving gender balance in FTSE 350 leadership teams.

November 3, 2017

Remuneration The Investment Association writes to chairs of remuneration committees outlining key changes to their updated Principles of Remuneration and highlighting items of focus for their members in the 2018 AGM season.

October 26, 2017

Corporate governance The Investment Association announces that it is writing to FTSE companies that are due to appear on the Public Register of shareholder votes. The letter is being sent to companies in the FTSE All-Share who received votes of 20 per cent against any resolution or withdrew a resolution in 2017.

October 24, 2017

Auditors The FRC published its Feedback Statement following its consultation via a Discussion Paper published in April 2017 on the role of the auditor in preliminary announcements. The FRC notes that the majority of respondents believe the current regime for preliminary announcements is adequate and does not require significant change.

October 23, 2017

Corporate reporting The FRC publishes its annual assessment of corporate reporting in the UK, based primarily on the FRC’s own monitoring work in the year to March 31, 2017 and more recently performed thematic reviews. The FRC notes that while the standard of corporate reporting, particularly by the largest listed companies, remains generally good, there is still more work to be done in improving the quality of reporting.

October 12, 2017

Non-financial reporting BEIS publishes a consultation paper seeking views on the UK Government’s proposals for a streamlined and more effective energy and carbon reporting framework. The consultation builds on responses to a consultation in 2015, “Reforming the business energy efficiency tax landscape” which showed support for mandatory reporting of energy use and carbon data by certain large organisations. The proposals put forward in Chapter 3 for reforms from 2019 could be built upon or replaced to create a still better regime, and the UK government would welcome views and evidence on whether such enhancements would be a good idea. The Government asks for responses by January 4, 2018 and encourages respondents to use the online e-Consultation platform.

October 12, 2017

Diversity The Parker Review Committee, led by Sir John Parker, publishes its final report into the ethnic diversity of UK boards. The Report notes that UK citizen directors of colour represent only about two per cent of the total director population and 51 out of the FTSE 100 companies do not have any directors of colour. The Parker Review Committee believes that it is important that FTSE 100 and FTSE 250 companies change the way they approach the issue of ethnic diversity in the boardroom and the pipeline and as well as highlighting clear business reasons for increasing ethnic diversity on UK boards.  Each FTSE 100 board should have at least one director of colour by 2021 and each FTSE 250 board should have at least one director of colour by 2024.

October 11, 2017

Corporate reporting BEIS updates its webpage which provides guidance on the reporting requirements for business payment practices and performance. This now states that businesses can publish their reports online.

October 11, 2017

Proxy advisors The Best Practice Principles Group launches a consultation that seeks views from investors and companies on whether the Best Practice Principles for Shareholder Voting Research and Analysis have been effective in ensuring the integrity and efficiency of the services provided by shareholder voting analysts and advisors.  A decision has not yet been taken on whether there will be a second consultation on draft revised Principles and reporting arrangements. If it is decided that a second consultation is not necessary, then the aim will be to publish a report which sets out the findings and conclusions of the review, together with the revised Principles and details of the reporting and monitoring arrangements in April 2018. If there is a second consultation, it will begin in April 2018 and the revised Principles and other documents will be published in July or August 2018.

October 10, 2017

Corporate reporting The FRC publishes its annual assessment of corporate reporting in the UK, based primarily on the FRC’s own monitoring work in the year to March 31, 2017 and more recently performed thematic reviews. The report aims to help preparers and auditors aid companies in improving the quality of their reporting. The FRC notes that while the standard of corporate reporting, particularly by the largest listed companies, remains generally good, there is still more work to be done in improving the quality of reporting.

October 10, 2017

Narrative reporting FRC writes to companies withadvice for preparing 2017/18 annual reports. The letter highlights changes to UK reporting requirements and sets out key areas where the FRC believes improvements can be made when companies prepare their annual reports for the 2017/18 reporting season.

October 4, 2017

Human rights developments The Home Office publishes updated statutory guidance for organisations on how to ensure that slavery and human trafficking is not taking place in their business or supply chain.

October 4, 2017

Lab reports The Financial Reporting Lab of the Financial Reporting Council publishes a report examining how companies have responded, in the second year of reporting, to suggestions for enhanced disclosure which were made in the Lab’s Disclosure of dividends – policy and practice report published in November 2015.

September 26, 2017

Corporate governance ICSA and the Investment Association issues joint guidance on stakeholder engagement which is aimed at helping company boards think about how to ensure they understand and weigh up interests of their key stakeholders when taking strategic decisions.

September 22, 2017

Corporate governance BEIS Committee publishes the Government's response to the BEIS Committee’s report on corporate governance which was published in April 2017. The Government agrees with the BEIS Committee that all companies of significant size (private as well as public) should explain how their directors have had regard to their employee and other non-shareholder interests set out in section 172 CA 2006, and intends to make this form of reporting a legal requirement by introducing secondary legislation. The Government will publish a draft statutory instrument setting out details later in the year.

August 20, 2017

Corporate governance BEIS publishes the Government’s response to its Green Paper on corporate governance reform.  The response document identifies nine proposals for reform which the Government intends to take forward.  It also includes a summary of the responses to the Green Paper.  The Government notes that the FRC intends to consult on amendments to the UK Corporate Governance Code in the late Autumn of 2017.  The Government intends to lay before Parliament draft secondary legislation, where required, before March 2018. The intention is to bring the reforms into effect by June 2018 to apply to company reporting years commencing on or after that date.

August 15, 2017

Narrative reporting The FRC publishes a consultation on draft amendments to its Guidance on the Strategic Report. The proposed amendments reflect changes to the strategic report requirements made by the Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016, which apply to companies and qualifying partnerships beginning on or after January 1, 2017.
June 26, 2017 Non-financial reporting The FRC publishes a factsheet with an overview of the new regulations implementing the EU Directive on the disclosure of non-financial and diversity information.
June 26, 2017 Non-financial reporting The European Commission publishes non-binding guidelines on the methodology for reporting non-financial information. The guidelines have been prepared in accordance with Article 2 of the EU Non-Financial Reporting Directive (Directive 2014/95/EU) which requires the disclosure of non-financial and diversity information by certain large undertakings and groups. The guidelines are designed to help companies disclose non-financial information in a relevant, useful, consistent and more comparable manner.
May 9, 2017 Corporate reporting The Investment Association publishes new guidance on various aspects of long term reporting including the reporting of the long term drivers of value creation and productive enterprise. This guidance applies to companies whose shares are admitted to the Premium Segment of the Official List of the UK Listing Authority.

May 2, 2017

Lab reports The Financial Reporting Lab publishes a report which sets out a framework for future digital reporting. Written by a wide range of preparers, investors and others, the report expresses what they would like to see in any future (digitally enabled) system of corporate reporting.
April 27, 2017 Corporate reporting The FRC publishes a discussion paper to stimulate discussion on the use and value of preliminary announcements and the role of the auditor in respect of such announcements. The discussion paper summarises the key legislative and regulatory requirements relating to preliminary announcements, as set out in the Listing Rules and Companies Act 2006. It then analyses current practice among listed and AIM companies and evaluates the current guidance and options for change.

April 10, 2017

Corporate reporting ICAEW publishes Technical Release TECH 02/17, which updates its guidance on realised and distributable profits. It is based on TECH 02/10 but has been updated as proposed in TECH 05/16, published in March 2016. The ICAEW has also publishes a mark-up of changes to the guidance to show the changes made to both TECH 02/10 and TECH 05/16.

April 5, 2017

Corporate governance BEIS Committee publishes a report on its inquiry into corporate governance. The inquiry examines whether the UK corporate governance framework is still fit for purpose, whether it provides the right structures to assist businesses in making high quality decisions for the long term, taking fully into account the wider interests of society, and how good behaviour can be embedded in business through cultural change and persuasion.

March 13, 2017

Human rights developments The Corporate Human Rights Benchmark for 2017 is published. The Benchmark assesses 98 of the largest publicly traded companies in the world on the implementation of the UN Guiding Principles on Business and Human Rights and other internationally recognised human rights and industry standards. The companies assessed are all from high-risk industries – agricultural products, apparel and extractives.

February 28, 2017

Diversity BEIS publishes an independent review by Baroness McGregor-Smith considering the issues affecting black and minority ethnic groups in the workplace. The review sets out a number of changes that can be made by employers in the public, private sector and voluntary and community organisations to improve diversity within their organisations, including: measuring success, changing the culture, improving processes, supporting progression and inclusive workplaces.

2017

Corporate Governance The FRC will review its Guidance on Board Effectiveness.
February 17, 2017 Corporate Governance Responses due to BEIS' Green Paper on corporate governance reform.
December 6, 2016 Narrative reporting Member states are to implement Directive 2014/95/EU (relating to non-financial and diversity information) by this date, with the provisions applying to public-interest entities which are large undertakings with an average number of 500 employees during the financial year for the financial year starting January 1, 2017 or during the calendar year 2017.
November 29, 2016 Corporate Governance BEIS publishes a Green Paper on corporate governance reform, which proposes a range of options for strengthening the UK’s corporate governance framework. Options include: increasing shareholder influence over executive pay, strengthening the employee, customer and supplier voice at boardroom level, and extending higher minimum corporate governance and reporting standards to large privately-held businesses.
November 2, 2016 Diversity The Parker Review Committee publishes a consultation version of its Report into the Ethnic Diversity of UK Boards. The deadline for comments is February 28, 2017 and a report containing the final recommendations and findings of the review will follow.
September 16, 2016 Corporate Governance BEIS Select Committee launches an inquiry on corporate governance, focussing on executive pay, directors' duties, and the composition of boardrooms, including worker representation and gender balance in executive positions.
June 2016 Auditors Member States will be required to adopt the necessary measures to implement the Directive amending the Statutory Audit Directive (2006/43/EC) by June 17, 2016. The Regulation on specific requirements regarding the statutory audit of public-interest entities will apply in Member States from June 17, 2016, save for the provision prohibiting restrictive “Big Four only” contractual clauses (i.e. clauses that limit a company's choice of auditor to a preselected list, which applies from June 17, 2017).
June 17, 2016 Corporate Governance The revised UK Corporate Governance Code and FRC Guidance on Audit Committees is effective for the audit of financial statements for periods beginning on or after June 17, 2016.
February 12, 2016 Diversity The Government Equalities Office publishes for consultation a draft version of The Equality Act 2010 (Gender Pay Gap Information) Regulations 2016 and provide for employers with 250 or more relevant employees to publish both their overall mean and median gender pay gaps within 12 months of April 30, 2017. Responses to the consultation are requested by March 11, 2016 and the draft regulations, subject to the approval of Parliament, will come into force on October 1, 2016.
February 7, 2016 Diversity BIS announces that the Chair of GlaxoSmithKline, Sir Philip Hampton, has been appointed chair of a new independent review on increasing representation of women in the executive level of FTSE 350 companies, and that Dame Helen Alexander, Chair of UBM, will take on the role of deputy chair. The new review will continue on from Lord Davies’s Women on Boards Review.
January 15, 2016 Diversity European Commission publishes an online questionnaire as part of a consultation process relating to Directive 2014/95/EU on the disclosure of non-financial and diversity information by certain large undertakings and groups. The Directive provides that non-binding guidelines on the reporting of such information will be prepared by the European Commission, which is seeking views on what these guidelines should cover. The consultation closes on April 15, 2016.
December 18, 2015 Proxy advisors ESMA publishes follow-up report on the implementation of the best practice principles in relation to activities associated with the provision of shareholder voting and analytical services which were published in March 2014 by the Best Practice Principles Group.
December 17, 2015 Narrative reporting The FRC publishes “Clear & Concise – Developments in Narrative Reporting”, a report examining the steps companies have taken towards clear and concise reporting, whereby annual reports provide relevant and easily understandable information for investors.
December 14, 2015 Stewardship Code The FRC announces that it will introduce public tiering of signatories to the UK Stewardship Code in July 2016 to improve reporting against the principles of the Stewardship Code and assist investors.
December 12, 2015 Corporate governance The PLSA publishes a revised version of its Corporate Governance Policy and Voting Guidelines.
December 11, 2015 Auditors Deadline for responses to FRC consultation on revisions to UK Corporate Governance Code, Auditing and Ethical Standards, and Guidance for Audit Committees.
Autumn 2015 Diversity The Equality and Human Rights Commission intends to publish its findings including recommendations for future action following its inquiry into the recruitment and appointment of directors to the boards of FTSE 350 companies.
October 29, 2015 Corporate Governance The Home Office publishes “Transparency in Supply Chains etc. – A practical guide”, issued under section 54(9) of the Modern Slavery Act 2015. The guide sets out the basic requirements of the legislation, as well as advice on what can be included in a statement to give assurance to those scrutinising the statements.
October 15, 2015 Institutional investors The National Association of Pension Funds (NAPF) announced that it  has re-branded as the Pensions and Lifetime Savings Association (PLSA).
October 5, 2015 Corporate governance FRC published an invitation to participate in an initiative to gather practical insight into corporate culture and the role of boards.
September 29, 2015 Corporate governance FRC published a consultation paper, Enhancing Confidence in Audit: proposed revisions to the Auditing and Ethical Standards, UK Corporate Governance Code and Guidance on Audit Committees, and Annex 3: Revised UK Corporate Governance Code - Section C.3 outlining proposed changes to Code Provisions C.3.1 and C.3.7.
September 29, 2015 Auditors FRC published a consultation paper, Enhancing Confidence in Audit: proposed revisions to the Auditing and Ethical Standards, UK Corporate Governance Code and Guidance on Audit Committees, and Annex 4: Revised Guidance on Audit Committees.
September 17, 2015 Breach of shareholder protection principles The Investment Association and the National Association of Pension Funds (NAPF) released a joint press release stating that Glencore PLC has breached shareholder protection principles. On September 15, 2015 Glencore completed a US $2.5bn equity placing. It raised 9.99 per cent of the share capital, for cash. Shareholder pre-emption rights were disapplied, contrary to the company's unequivocal commitment made at its AGM in May 2015. The Investment Association and the NAPF conclude that whilst shareholders generally recognise that the company needed to strengthen its balance sheet, the use of the authority in this manner is a serious and unnecessary breach of the shareholder protection principles. They highlight that there is no evidence of any suitable consultation with existing shareholders and that this sets a very damaging precedent for market practices.
September 8, 2015 Executive remuneration The Investment Association published a press release announcing the creation of a working group, the Executive Remuneration Working Group, to bring forward proposals for a radical simplification of executive pay. The Executive Remuneration Working Group brings together senior representatives from the investment community and the corporate world to address the issue and is expected to bring forward proposals in the spring of 2016.
September 7, 2015 Corporate responsibility The Home Office published draft regulations that have been submitted to Parliament for approval under the Modern Slavery Act 2015. The draft regulations prescribe that commercial organisations with a total turnover of at least £36m will be required to publish a slavery and human trafficking statement every financial year under section 54 of the Modern Slavery Act 2015 and set out how the total turnover of a commercial organisation is to be calculated. These regulations came into force on October 29, 2015.
September 5, 2015 Corporate governance OECD published the revised G20/OECD Principles of Corporate Governance.
July 29, 2015 Corporate responsibility The Government announced that companies with a turnover of £36 million or more will be required to publish an annual slavery and human trafficking statement and that there will be related statutory guidance published, which coincides with the duty coming into force.
June 5, 2015 Listing Rules and Disclosure and Transparency Rules FCA published CP15/19 in which it proposes amending the disclosure requirement of LR 9.8.6R so that a company's annual financial report must address both the going concern reporting requirement of Code Provision C.1.3 and Code Provision C.2.2 on the viability statement. The deadline for comments was 5 August 2015. These changes became effective on October, 23 2015 and December, 1 2015 by way of Handbook Notice No. 26.
March 20, 2015 Corporate governance The Government published a written statement setting out its plans for implementing clause 3 of the Small Business, Enterprise and Employment Bill (Companies: Duty to publish report on payment practices) and confirms that the duty to report on payment practices and policies will apply to large private companies, large limited liability partnerships and large quoted companies (but not small and medium quoted companies as originally proposed). These organisations will be required to report on a half-yearly basis, using an indicative format which is set out within the written statement. The duty to report on payment practices and policies will apply from April 2016 and the Government intends to lay secondary legislation early in the next Parliament to give effect to this.
February 2015 Corporate governance OECD publishes the responses to its consultation on Principles of Corporate Governance.
January 1, 2015 Auditors The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 applies to the provision of statutory audit services the UK and applies in relation to financial years beginning on or after this date.
December 18, 2014 Auditors FRC publishes a consultation paper containing proposals for amending its framework of auditing and ethical standards for auditors to give effect to the new EU audit framework. BIS also publishes a discussion paper seeking views on a range of reforms to the audit regulatory framework.
December 18, 2014 Narrative reporting BIS announces the Government’s support, including £80,000 of start-up funding, for a new human rights benchmark, the Corporate Human Rights Benchmark, that will assess and rank the corporate human rights performance of international companies.
December 15, 2014 Diversity Media reports that Vince Cable has called on FTSE 100 companies to ensure they have at least one non-white director on their boards by 2020.
December 4, 2014 Diversity Council of the European Union publishes a progress report on the proposed Directive to improve gender balance on corporate boards.
November 14, 2014 Corporate governance OECD launches a consultation on its Principles of Corporate Governance.
November 2014 Narrative reporting Directive 2014/95/EU amending the Fourth and Seventh Accounting Directives on annual and consolidated accounts (78/660/EEC and 83/349/EEC) in relation to the disclosure of non-financial and diversity information by certain large companies and groups published in the Official Journal.
October 27, 2014 Kay Review Progress report on the implementation of the Kay Review and note of roundtable on the practical and legal issues related to limiting the rights of short-term shareholders are published.
October 27, 2014 Kay Review IMA publishes a discussion paper by the Investor Forum on key principles and approach to engagement. The Investor Forum announces that it has appointed 13 directors to its board.
October 13, 2014 Diversity Presidency of Council of the European Union publishes a note of suggested changes to the proposed Directive to improve gender balance on corporate boards.
October 1, 2014 Risk Management FRC’s integrated guidance for directors in relation to risk management, internal control and going concern basis of accounting and supplementary guidance for directors of banks will apply to reporting periods commencing on or after this date, although early adoption is encouraged.
October 1, 2014 Corporate Governance The revised UK Corporate Governance Code will apply to accounting periods beginning on or after this date. Key changes brought about by the 2014 UK Corporate Governance Code relate to going concern, risk management and internal control, remuneration and shareholder engagement.
September 29, 2014 Narrative reporting Council of the European Union approves the proposed Directive (Directive 2014/95/EU) amending the Fourth and Seventh Accounting Directives on annual and consolidated accounts (78/660/EEC and 83/349/EEC) in relation to the disclosure of non-financial and diversity information by certain large companies and groups.
September 26, 2014 Auditors The CMA publishes the final version of The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014. The Order will apply to the provision of statutory audit services in the UK and will apply in relation to financial years beginning on or after January 1, 2015.
September 24, 2014 Diversity European Commission publishes a factsheet on gender balance on company boards.
September 17, 2014 Corporate Governance FRC publishes 2014 UK Corporate Governance Code following consultation on amendments in November 2013 and in April 2014. FRC also issues guidance for directors in relation to risk management, internal control and going concern basis of accounting and standards and supplemental guidance for banks with application for financial years beginning on or after October 1, 2014. FRC also publishes extracts from International Standards on Auditing (UK and Ireland) 260, 570 and 700 (Revised September 2014).
August 24, 2014 Auditors Closing date for comments on The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014.
July 24, 2014 Diversity The Equality and Human Rights Commission launches an inquiry looking at how FTSE 350 companies and their agents make decisions about the appointment of board directors.
July 24, 2014 Auditors The CMA publishes for consultation The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014, together with explanatory notes.
July 2, 2014 Kay Review IMA announces that the Investor Forum has appointed Simon Fraser, Non-Executive Independent Chairman of Foreign and Colonial Investment Trust, as Chairman and Andy Griffiths as Executive Director.
June 30, 2014 Diversity European Commission publishes a factsheet on the proposed Directive on promoting gender balance on boards.
June 2014 Narrative reporting The FRC publishes it final guidance on the strategic report and announces the launch of its “clear and concise programme” which is designed to promote clear and concise reporting.
May 2014 Auditors The Directive amending the Statutory Audit Directive (2006/43/EC) and a Regulation on specific requirements regarding the statutory audit of public-interest entities were published in the Official Journal.  Both the Directive and the Regulation will enter into force on June 16, 2014.
April 3, 2014 Auditors The European Parliament approves in a plenary session, the preliminary agreement on a the proposal for a Directive amending the Statutory Audit Directive and the proposal for a Regulation on specific requirements regarding statutory audit of public-interest entities.
April 2014 Institutional investors The European Commission publishes a proposal for the revision of the Shareholder Rights Directive (2007/36/EC). Provisions contained in the proposal include enhancing the transparency of proxy advisors, promoting transparency in relation to share ownership, as well promoting transparency in annual reports in relation to remuneration policies and the remuneration of individual directors.
April 2014 Corporate Governance European Commission announces that it has adopted a Recommendation in relation to the quality of corporate governance reporting.
April 2014 Narrative reporting The European Parliament approves, with amendments, the European Commission’s proposed Directive (Directive 2014/95/EU) amending the Fourth and Seventh Accounting Directives on annual and consolidated accounts (78/660/EEC and 83/349/EEC) in relation to the disclosure of non-financial and diversity information by certain large companies and groups.
April 2014 Corporate Governance FRC publishes a consultation paper outlining proposals which, if implemented, will apply to reporting years beginning on or after October 1, 2014. These include amendments to the UK Corporate Governance Code in relation to directors’ remuneration and going concern and risk management. The FRC also confirms that, following the decision by the Competition Commission to defer the finalisation of its Orders in relation to audit reform (which would have resulted in potential amendments to the UK Corporate Governance Code) until the third quarter of 2014, it will defer consideration of whether to amend the UK Corporate Governance Code in relation to the audit committee and the external auditor until it is next reviewed in 2016.
March 2014 Proxy advisers The Best Practice Principles Group publishes final best practice principles in relation to activities associated with the provision of shareholder voting and analytical services. Follows consultation on principles which was published in October 2013.
March 2014 Diversity BIS publishes a report of its independent review of the Voluntary Code of Conduct for Executive Search Firms.
January 2014 Auditors The Competition Commission announces that it is revising its administrative timetable and delaying the release of its package for audit reform in the UK in light of the announcement by the Council of the European Union and the European Parliament of an agreement on EU audit reform. The revised timetable will enable the Competition Commission to fully consider the implications of the EU proposals on its Orders. The Competition Commission anticipates that after the release of the EU audit reforms, there will be a period of informal consultation on the effect of the EU proposals. Further rounds of consultation on the revised Orders are expected in the third quarter of 2014 and a commencement date in fourth quarter of 2014 is expected.