13 May, 2021

FRC governance report calls for ‘greater focus’ on culture and strategy

Watchdog warns that many firms are failing to fully consider the importance of purpose to culture and strategy, or take stakeholder views into account.

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UK companies are struggling with defining their purpose and “greater focus” is required on sustainability, stakeholder engagement, diversity and the importance of corporate culture, according to a report from Britain’s governance watchdog. The report, from the Financial Reporting Council (FRC), on performance against the 2016 UK Corporate Governance Code and its revision in 2018, also found that a quarter of FTSE 100 chairs have served more than the recommended nine years. According to the FRC’s chief executive, Sir Jon Thompson, good examples of high-quality reporting against the codes, were present. The review only looked at e

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corporate culture, corporate purpose, corporate strategy, diversity & inclusion, employee engagement, Financial Reporting Council, UK Corporate Governance Code