A surprisingly low number of top UK companies meet the standards set down in the most recent version of the Combined Code on Corporate Governance, according to the Association of British Insurers (ABI).
The ABI studied 477 annual reports and found that 46 percent of FTSE 100 companies state they are fully compliant with the code. In the FTSE All Share index, the proportion is even lower, at 31 percent.
The Combined Code contains provisions for corporate governance and disclosure and all companies incorporated in the UK and listed on the London Stock Exchange are required to report on compliance. This year's crop of annual reports is the first to cover the latest version of the code, which came out in July 2003.
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