When looking at company culture, it is clear to see how much the board has a vital role, whether setting standards of conduct for the company or helping to embed the ideologies of long-term success.
With this in mind, the FRC are now launching a ‘market-led initiative’ to look at how boards can help to ‘shape, embed and assess culture’ while also helping to create best practice.
The FRC will create a report on current practices, it will then look at how they can be improved and how they will be monitored going forward. After completing initial discussions with numerous stakeholders, the following four areas will be explored:
- Delivering sustainable success
- People issues
- Stakeholder issues
- Embedding and assurance
The results of this work will replace the FRC’s ‘Guidance on Board Effectiveness’ and will also be linked in with the application of the UK Corporate Governance Code. For more information visit the FRC.