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FRC: Culture to Capital - aligning corporate behaviour with long term performance

Companies face a wake-up call to review their cultures before they can win back broad support from society, business leaders were told at a conference today.

Sir Win Bischoff, Chairman of the Financial Reporting Council (FRC) told delegates at the regulator’s conference, ‘Culture to Capital: aligning corporate behaviour with long term performance’, that companies must establish a culture that fosters trust and encourages good behaviour at all levels in a company’s organisation.

“Rebuilding genuine confidence in business and long-term prosperity demands companies to have a culture that lowers the risk of failure and achieves a wide range of positive outcomes, including serving the needs of wider society”, Sir Win said.

“The Prime Minister has been outspoken about her government’s plan for business reform. In the light of Brexit, restoring trust and building confidence is even more imperative for our prosperity and wellbeing. We need a concerted effort to improve the integrity of business and its connectivity to society. There simply has to be increased focus on company culture. When there is a healthy culture, the systems, procedures, and the overall functioning and mutual support of an organisation exist in harmony. This will lead to enhanced integrity, confidence, long-term success and ultimately trust.”

The conference at Mansion House on today heared from notable business leaders including, Sir Roger Carr, Chairman BAE Systems, Sacha Romanovitch, CEO Grant Thornton, Justin King, Vice Chairman Terra Firma, Conor Kehoe, Senior Partner McKinsey, Mark Austen, Chairman LV=, Amanda Mellor, Group Secretary M&S, Elizabeth Fernando, Head of Equities USS, and Philippa Foster Back, Director Institute of Business Ethics. They explored the relationship between corporate behaviour and long term value creation for all stakeholders. The conference will be streamed live here.

In July The FRC published a report, Corporate Culture and the Role of Boards, that highlighted how stakeholders and society in general have a vested interest in healthy corporate values, attitudes and behaviours that lead to sustainable growth and long term economic success

Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We are the UK competent authority for audit and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent enforcement arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
  2. All Press enquiries should be directed to:
  • Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
  • Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
  • Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk.

 

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