2005 witnessed a turning point for UK plc as boards progressed from a position of complacency to compliance, according to RREV, the corporate governance body, jointly owned by the National Association of Pension Funds and ISS, the leading global corporate governance services provider.
RREV’s post-AGM season report, Board Effectiveness 2005, reveals that all FTSE 100 companies now comply with the Combined Code’s requirement that independent Non-Executive Directors (NEDs) make up at least half of the board (excluding the chairman). The report also highlights that FTSE 250 boards are not far off the mark.
Peter Thompson, CEO of RREV, commented, “Two years after the publication of the Higgs report on corporate governance, there is much to celebrate for the way it has helped lay foundations for stronger UK governance. It is positive to see greater board compliance and the revised Combined Code has contributed to the increasing time spent by non-executive directors in their roles.”
See full Press Release, in pdf format.
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