Less than half of the UK's top 100 companies are complying with the Combined Code on corporate governance designed to impose better standards of management best practice, according to the Association of British Insurers.
Research by the ABI's Institutional Voting Investment Service (IVIS) showed that only 46 pct of FTSE 100 firms state that they are fully compliant with the new Code.
Peter Montagnon, the ABI's director of investment affairs said that the slow rate of compliance was "understandable at this stage".
"But we will be working to ensure that the trend remains in the right direction. We are also encouraged by an already a high level of compliance in important areas, including performance evaluation and the appointment of Senior Independent Directors," which are both met by 96 pct of the FTSE 100.
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