September 6, 2019
The Financial Reporting Council (FRC) has today published its annual report for 2018/19 setting out its progress against commitments to tackle poor-quality audit work, boost Enforcement resourcing and improve the quality of reporting.
During the year the FRC substantially revised the UK’s Corporate Governance Code and consulted on an overhaul of the UK Stewardship Code to ensure both Codes are fit for purpose, better aligned, and reflect today’s challenges.
Work undertaken in 2018/19 also laid the foundations for the FRC’s transition to a new, more powerful regulator, following Sir John Kingman’s independent review.
Key highlights for 2018/19 include:
· increasing Enforcement resourcing by 25%
· rolling out a revised UK Corporate Governance Code and consulting on an overhaul of the UK Stewardship Code; and
· establishing the Investor Advisory Panel to complement the FRC’s existing stakeholder outreach activities with investors.
Sir Win Bischoff, Chairman of the FRC, said:
“Our latest annual report reflects the FRC’s commitment to delivering high quality audit, corporate governance and financial reporting, which remain vital to the success of our market economy.
“To achieve this, we have boosted Enforcement resources, maintained a priority on tackling poor-quality audit work and raised the bar on corporate reporting.
“2018/19 also led to an independent review of the FRC, which we fully supported, and has contributed to our eventual transition into a new regulatory body.”
The FRC’s Annual Report was laid before Parliament on 05 September 2019.