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The document outlines proposed changes to the UK's Corporate Governance Code by the Financial Reporting Council in 2023. The changes aim to enhance the Code's effectiveness in promoting good corporate governance. Key proposed changes include setting out a revised framework for controls and reporting, improving the comply-or-explain framework, and making revisions to reflect board responsibilities for sustainability and ESG reporting. Students are required to critically evaluate how the proposed changes could help achieve the objective of promoting good corporate governance and comment on the implications for different stakeholders.

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Yash Mathur
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39 views

QUESTION

The document outlines proposed changes to the UK's Corporate Governance Code by the Financial Reporting Council in 2023. The changes aim to enhance the Code's effectiveness in promoting good corporate governance. Key proposed changes include setting out a revised framework for controls and reporting, improving the comply-or-explain framework, and making revisions to reflect board responsibilities for sustainability and ESG reporting. Students are required to critically evaluate how the proposed changes could help achieve the objective of promoting good corporate governance and comment on the implications for different stakeholders.

Uploaded by

Yash Mathur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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THE UNIVERSITY OF DUNDEE

SCHOOL OF BUSINESS
CORPORATE GOVERNANCE BU51001
FINAL ASSESSMENT 2023/24

In May 2023, The UK Financial Reporting Council (FRC) launched a consultation on proposed revisions
to the Corporate Governance Code. The aim of these revisions is to ‘enhance the Code’s effectiveness
in promoting GOOD CORPORATE GOVERNANCE (FRC, 2023). The changes are as follows:

 Setting out a revised framework of prudent and effective controls to provide a stronger basis for
reporting on, and evidencing their effectiveness.
 Improving the functioning of comply-or-explain, taking account of recently published FRC research
and reports.
 Making necessary revisions to reflect THE RESPONSIBILITIES of the board and audit committee
for sustainability and ESG reporting, and associated assurance in accordance with a company's
audit and assurance policy.
 Updating the Code to ensure that it aligns with changes to legal and regulatory requirements as set
out in the Government's response to the White Paper (Department for Business, Energy &
Industrial Strategy, 2021), including strengthening reporting on malus and clawback arrangements.

Required:
Critically evaluate the extent to which proposed changes could contribute to fulfilling the objectives of
‘promoting good CORPORATE governance’, and comment on the importance and implications
of these for different stakeholders.

Further Guidance:
 You must bring in findings from the academic literature into your discussion. Is there evidence in
the academic literature to support these changes?
 How do these changes to the code compare with the approach in other countries?

Key Resources:
 Financial Reporting Council, Corporate Governance Code Consultation:
https://www.frc.org.uk/consultation-list/2023/corporate-governance-code-consultation

 Financial Reporting Council, UK Corporate Governance Code:


https://www.frc.org.uk/directors/corporate-governance/uk-corporate-governance-code

 White Paper: Restoring trust in audit and corporate governance:


https://www.gov.uk/government/publications/restoring-trust-in-audit-and-corporate-governance

Information:
 Constitutes 70% of your total mark for this module
 Submit electronically via blackboard.
 3500 words (+/- 10%)
Mark scales and interpretation

The following can be used as a general criteria to interpret the marks:

GRADE CRITERIA
Description
A1-A5 These answers are well-structured and have a coherent argument supported by an
Excellent appropriate range of evidence. They are generally accurate, analytical and clearly written.
They demonstrate wide reading, a good grasp of the topic, and a sufficient understanding
of appropriate concepts and/or debates. Marks at the higher end of this range
demonstrate a clear, intelligent and critical appreciation of the issues with the capacity to
synthesise and evaluate the relevant literature. Marks at the lower end of this scale
indicate that areas of the argument may require further development.
B1-B3 These answers are mainly clear and relevant to the question. They are based upon a
Very Good reasonable amount of reading and indicate some evidence of conceptual thinking. The
answers are also quite well expressed (in terms of grammar, punctuation and sentence
structure). Marks at the lower end of this scale may indicate a rather limited analysis
and/or a lack of a clear and developed argument.
C1-C3 These answers have a fair amount of material that is generally relevant to the question,
Good but often need to be better structured so that relevant analysis or evidence is consciously
used to back up an argument. Marks at the lower end of the range may indicate a
tendency to mere description or only a partial answer to the question.
D1-D3 These answers have some material that is relevant to the question/topic but lack focus
Satisfactory and are not clearly engaging with the question. They are also poorly structured, often
badly expressed and based upon insufficient knowledge or understanding.
M1-M3, CF, These are weak answers, with insufficient material or ideas, often due to insufficient
BF reading and understanding; a confused structure or bad expression; a tendency not to
Poor answer the essay question; a failure to understand economic arguments. Marks at the
upper end of the range suggest that a pass would have been attainable with a bit more
effort and attention to the question. Marks at the lower end indicate serious weaknesses
or a complete lack of effort.

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