Consultation response: Corporate Governance Reform

This submission is made by PricewaterhouseCoopers LLP (PwC), the UK member firm of the PwC network. We believe the outcome of the current review of corporate governance is important to rebuilding public confidence in business. We adhere to the Financial Reporting Council’s (FRC’s) Audit Firm Governance Code, and in doing so, we strive to improve governance practices within our own organisation, as well as supporting our clients in working to improve their governance practices.

Whilst the views expressed in this document are our own, we have convened a series of roundtables with clients ranging from family owned firms, private equity backed businesses, to FTSE100 companies. This response is intended to provide our perspectives and insights relevant to this consultation, informed by those discussions.

We believe that the UK has a vibrant, effective and attractive corporate environment. The development of the UK’s “comply or explain” corporate governance regime has, in our opinion, made a significant contribution to the operation and accountability of the unitary boards of UK companies, and has greatly enhanced the quality of discussion and decision making within publicly-listed companies. The flexibility and responsiveness of a principles-based approach make it an ideal vehicle for any future corporate governance change. The comply or explain regime, linked to the UK Corporate Governance Code for listed companies, has worked well and has enabled the UK to remain at the forefront of evolving good corporate governance, helping to make the UK an attractive place to invest.

Read more by downloading the attached PDF document.

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