Cyber code

Many of you may remember the Institute of Directors is consulting on a new voluntary Code of Conduct for directors. The IoD now faces calls to ensure the code includes cyber crime.

The demand comes from data consultancy Handley Gill. Chief executive Nicola Cain says the IoD sixth principle in the code, “responsible business,” should include resilience and that, in turn should cover addressing cyber. She simply wants more companies to follow advice provided by the government’s cyber supremos.

“The UK is losing the war against cyber crime,” says Cain. “Cyber security failures, which could often have been avoided by following advice published by the government’s Cyber Security Centre, diminish trust and threaten value and stability.”

Given that that even the UN has just worked out an international agreement on cyber crime, this seems like a timely moment for directors to do their share. Over to you IoD.

Independence fray

The Hong Kong Stock Exchange (HKSE) is looking to update its corporate governance code, an admirable endeavour, and has a consultation document out.

But Board Agenda is enthralled by the abrupt response from the International Corporate Governance Network (ICGN)  to one particular consultation question.

HKSE asks if directors, following departure after a nine-year stint, can be considered “independent” again if they have a two-year break from a board.

ICGN says: “No.”

Once the independence is gone, it’s gone. Amen.

Get off the sustainability fence

Over in the Financial Times, there is a plea for companies to adopt new global sustainability reporting standards.

But this isn’t any old call from a stern regulator; it comes from Richard Manley, chief sustainability of CPP Investments and chair of International Sustainability Standards Board (ISSB) investor advisory group.

ISSB published the first two standards last year and the UK is in the process of deciding whether they should be made a fixture of its corporate reporting landscape (news is due anytime).

Manley writes: “With consultations under way, now is the time for all market participants and issuers to encourage comprehensive adoption of the global sustainability baseline.”

He adds: “For any still on the fence, reporting on the two sets of standards … should not be viewed as a concession to investors, but as an act of enlightened self-interest.”

Now, given the City has complained vociferously of late that it faces too many reporting demands—even persuaded the Tories to smother new reporting rules before they were even up and running—a bit of enlightened self interest might go a long way. Let’s hope Manley is persuasive.