The revamped governance code and guidance amount to a demand for cultural change in the boardroom. But how should boards change in order to better manage the risks associated with poor corporate culture?
Since the collapse of Lehman Brothers and the ensuing crisis, the global financial system is safer and more robust, with stronger governance and regulation. But there remain striking differences between the structure and governance of US and European banks, which only the next crisis will truly put to the test.
The revised UK Corporate Governance Code has emphasised the importance of board diversity, but there is consternation over corporate commitment to it as many firms fail to comply fully with reporting requirements.