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FRC consults on gender diversity

The UK Corporate Governance Code could be changed to include gender diversity policy in all annual reports, following a consultation issued by the UK Financial Reporting Council (FRC).

The FRC has issued the consultation for all listed companies to include information on company gender policy every year.

The latest Corporate Governance Code, issued last July, includes principles recognising the value of gender diversity. However in a report issued by Lord Davies earlier this year, entitled Women on Boards, the FRC is asked to amend the code to include measurable objectives for implementing the policy, including a summary of the policy and progress made in achieving the objectives annually.

FRC chairman Baroness Hogg said the regulator will respond to the Davies proposal by consulting on whether it would be appropriate to add this information to the Code.

“Board diversity and effectiveness are closely linked. Diversity widens the perspectives brought to bear on decision-making, avoids too great a similarity of attitude and helps companies understand their customers and workforces,” Baroness Hogg said.

The consultation is open for comment until 29 July.

 

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