Corporate disclosure – implications of the proposed Governance Code

by Mark Hynes, for Mark Hynes – thoughts on corporate disclosure, December 10, 2009.

The last 4 weeks have seen a flurry of papers, guidance and consultations from the Financial Reporting Council. They have, it must be said, approached the task of upgrading our governance ‘rules’ with energy and clarity.

However as we discussed at a Radley Yeldar seminar yesterday evening, there are a number of areas that companies will want to think about in their disclosures. Between Walker, the ‘Louder than words’ paper, the Narrative Review, and now the new proposed revised (Combined) Governance Code, there lies a host of detail for IR and secretarial teams to handle.

For example, the definition of ‘business description’. The Companies Act has its interpretation, but the Narrative Review and the new Governance Code, both talk about presenting the ‘business model’ going beyond the ‘fair review’. By observation, very few companies explain in their disclosures how they actually make money…(continue reading)

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