FRC Stakeholder Survey
9 Jan 2018 12:09 PM
In 2017 the Financial Reporting Council (FRC) commissioned ComRes to undertake a survey of stakeholder views on all aspects of its work, including corporate governance and reporting as well as its effectiveness as a regulator.
The results of the survey (PDF) are encouraging but also highlight areas where respondents felt the FRC can improve. There are high levels of confidence in corporate governance and reporting amongst key practitioners and market participants.
All respondents indicated they want the FRC to be more focused on outcomes. In 2017 the FRC updated its mission to promote transparency and integrity in business, and made changes to its governance structure to improve processes, including publication of a register of interests. The FRC website was redesigned to be more accessible and easier to navigate.
Investors want the FRC to be more stringent in the way it enforces standards. Following an independent review of sanctions, a new regime will be implemented that strikes a balance between enforcing standards and encouraging businesses to improve the quality of their audit processes and corporate reporting. The FRC has invested to enhance its Enforcement division.
As part of its review of corporate governance the FRC will consider whether there is a case for shortening corporate reports. Changes to the Stewardship Code and other measures will help achieve a step-change in the quality of engagement between corporates and investors.
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Peter TimberlakeHead of Communications