The UK Financial Reporting Council’s (FRC) new
focus is to improve corporate governance in the market to help
foster investment.

FRC chairman Baroness Hogg said high quality
corporate governance and reporting enables capital markets to
operate efficiently and effectively, contributing to the UK’s
economic success.

“It is right that these principles will inform
the FRC’s work in the future.” Hogg said, as the FRC’s annual
report and budget was being released.

Other FRC priorities are responding to
international initiatives in relation to corporate governance and
enhancing efficiency as a regulatory authority.

FRC total budget is eight percent higher then
last year at £21.3m ($31.5m). The regulator’s cost for 2009 was
£1.2m below the budget at £18.5m.

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