Less than half of FTSE 100 companies fully comply with the new corporate governance code introduced in November 2003, according to the Association of British Insurers, a powerful shareholder trade body.
Peter Montagnon, ABI di-rector of investment affairs, said: "The low initial level of company compliance is understandable at this stage, but we will be working to ensure the trend remains in the right direction."
The ABI, whose members hold up to a sixth of UK stocks traded on the London Stock Exchange, analysed the annual reports of 477 companies and found that just 46 per cent of FTSE 100 companies said they were fully compliant with the new combined code.
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