Only 46% of U.K. public companies are fully compliant with a corporate governance code, the Association of British Insurers has found. Financial Services Authority rules require companies to comply with the code. The U.K. Financial Reporting Council's Combined Code on Corporate Governance includes standards on director independence and disclosure of pay, or disclose any non-compliance in their annual report. The association reviewed the annual reports of 477 public companies. But in a statement it noted that although overall compliance is low, there is a high level of compliance with the most important sections of the code. For example, 96% of companies have appointed a senior independent director to their board of directors.
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