Directors are still not properly policing corporate dangers, study finds

by Marion Dakers for The Telegraph

Many company directors have struggled to get to grips with new rules that are supposed to help identify risks that firms could face, though some progress is being made, according to new research.

Despite high-profile examples of boards missing dangers, including accounting holes at the Co-operative and Tesco in the past two years, some companies’ audit committees are still producing “disappointingly sparse and generic” reports, the accounting firm BDO said.

The corporate governance code was changed in 2012 to give the work of audit committees more prominence, in the hope that directors would keep a closer eye on the auditors of the firm and the risks on the horizon.

The audit committees of FTSE-listed firms were given a score of less than 2.5 out of 4 for their reports this year, down from 2.6 in the prior year in BDO’s annual review. Read more here.

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