The UK Corporate Governance Code has undergone multiple iterations since the Cadbury Report was first issued back in 1992.The most recent revisions were published in 2018, and came into force for 2019 financial years – making 2020 the first opportunity for shareholders to assess its impact on governance practices.
The new Code places emphasis on stakeholder relationships, board composition, and executive remuneration, and introduces several new provisions covering workforce engagement, chair tenure, post-employment shareholding requirements for executives, and the relationship between executive pension rates and those for the wider workforce. In reviewing the annual general meeting disclosure of FTSE-listed companies during FY2020, Glass Lewis placed particular emphasis on how companies both within the FTSE 350 index and beyond complied with, or explained their deviations from, the new Code.
Our findings and analysis are now available in a special report, the UK Corporate Governance Code: 2020 Compliance Review. As investors and public companies get set for the 2021 proxy season, this special report provides crucial context on current market practices and where the governance spotlight will fall in the months ahead.
The UK Corporate Governance Code: 2020 Compliance Review is available now. Glass Lewis customers can access the report on Viewpoint via the Help & Resources menu, or Governance Hub, or contact their Glass Lewis Representative for more information.
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