corporate governance

[GEORGE OSIEK]

explain the combined code

[factor-fiction]

The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders.

All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. Overseas companies listed on the Main Market are required to disclose the significant ways in which their corporate governance practices differ from those set out in the Code.

The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the principles of the Code, and either to confirm that they have complied with the Code's provisions or - where they have not - to provide an explanation.

During 2007 the FRC has been reviewing the impact and implementation of the Combined Code. In October it announced the outcome of this review, including its intention to consult on limited amendments to the Code.

This should be enough to start you off. You ought to have at least a quick read of the code- just google it.